10-10-2007 Council Agenda - Laserfiche WebLink

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the criteria set forth herein, except in the case of a Relocating Business, as defined herein, in which case such person must also meet the requirements described in the JOBZ Act, which as of March 2004 were to increase employment or to make a capital investment. "Relocating Business" A person that relocates a trade or business from outside a Zone into that Zone according to the criteria set forth in the JOBZ Act, which as of March 2004 meant ceasing one or more operations or functions at the non -Zone location and beginning performing substantially the same functions inside the Subzone or by reducing employment at the non -Zone location starting one year before and ending one year after beginning operations in the Zone, where the relocated employees in the Zone are engaged in the same line of business as the employees at the location where employment was reduced. "Relocation Agreement" means a binding written agreement between a Relocating Business and the Commissioner of DEED pledging that the qualified business shall meet the requirements of the JOBZ Act, which as of March 2004 meant either: (a) increase full -time or full -time equivalent employment in the first full year of operation within the job opportunity building zone by at Least 20 percent, or (b) make a capital investment on the property equivalent to 10% of the gross revenues of operation that was relocated in the immediately preceding taxable year. As of March 2004, a Relocation Agreement also had to provide for repayment of all tax benefits if the requirements of (a) or (b) are not met. " Subzone" means the parcel or parcels of land within the Region V Zone in the City, which the Commissioner of DEED has now, or at any time in the future, shall designate to receive certain tax credits and exemptions specified under the JOBZ Act. "Zone" means a Job Opportunity Building Zone or an Agricultural Processing Facility Zone designated by the Commissioner of DEED under the JOBZ Act. 4. ELIGIBLE USES FOR THE RECEIPT OF BUSINESS ASSISTANCE 4.01 As a matter of adopted policy, the City will consider using a business assistance tool to assist private developments only in those circumstances in which the proposed private projects meet one or more of the following uses: A. To redevelop blighted or under - utilized areas of the community. B. To meet the following housing - related uses: 1. To provide a diversity of housing not currently provided by the private market. 2. To provide a variety of housing ownership alternatives and housing choices. 3. To promote affordable housing for low or moderate - income individuals. 4. To promote community stabilization and revitalization by the removal of blight and the upgrading in existing housing stock in residential areas. C. To remove blight and encourage redevelopment in the commercial and industrial areas of the City in order to encourage high levels of property maintenance and private reinvestment in those areas. -89- Y