07/23/2001 Council Packet - Laserfiche WebLink

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• • • C. PROJECT REVIEW AND EVALUATION PROCEDURE 1. The City will consider one or more of the criteria listed in Section B in determining whether to provide financial or other assistance to a project as a business subsidy. In applying the criteria to a specific project, the following will apply: a. The City may consider the requirements of any other business subsidy received, or to be received, from a grantor other than the City. b. If the business subsidy is a guaranty, the amount of the business subsidy may be valued at the principal amount of the guaranteed payment obligation. c. If the business subsidy is real or personal property, the amount of the subsidy will be the fair market value of the property as determined by the City. d. If the business subsidy is received over time, the City may value the subsidy at its present value using a discount rate equal to an interest rate which the City determines is fair and reasonable under the circumstances. As used herein "benefit date" means the date the business subsidy is received. If the business subsidy involves the purchase, lease, or donation of physical equipment, then the benefit date occurs when the recipient puts the equipment into service. If the business subsidy is for improvements to property, then the benefit date refers to the earliest date of either: when the improvements are finished for the entire project, or when a business occupies the property. 2. Because it is not possible to anticipate all the needs and requirements of every type of project and the ever - changing needs of the community and in order to retain the flexibility necessary to respond to all proposed projects, the City retains the right to approve projects and business subsidies which may vary from the principles and criteria set forth herein. Adopted by: Date of adoption: Date of public hearing: