HomeMy WebLinkAboutCity Council Resolutions (RESOLUTION R-15-3854)-03/03/2015 RESOLUTION R-15-3854
A RESOLUTION REVISING RESOLUTION R-12-3565 ADOPTING
GUIDELINES AND CRITERIA FOR ECONOMIC DEVELOPMENT
INCENTIVES
WHEREAS, Texas State law provides for a home rule municipality to offer
various economic development incentives; and
WHEREAS, the City of Colleyville has made a long term commitment to
economic development, and the City seeks to foster a more
diversified tax base so that it may deliver sustainable
government; and
WHEREAS, the economic viability of the City of Colleyville depends upon
the City's ability to retain and foster the expansion of existing
businesses, as well as attract new investment through the
location of new businesses; and
WHEREAS, the City of Colleyville recognizes it must also enhance its
competitiveness with other communities and especially
neighboring municipalities; and
WHEREAS, the City of Colleyville recognizes the value in adding an
additional Matching Grant category to assist in the construction
of joint access easements between several existing property
owners and businesses, especially before the start of Phase II,
State Highway 26 reconstruction; and
WHEREAS, Chapter 312 of the Texas Tax Code requires that each taxing
entity who wishes to consider granting economic development
incentives must first adopt a set of guidelines and criteria, and
the City of Colleyville desires to update Resolution R-12-3550.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS:
Sec. 1. THAT the Economic Development Incentive Guidelines and
Criteria contained in the attached Exhibit "A" are hereby
adopted.
Sec. 2. THAT the City of Colleyville will utilize said Guidelines and
Criteria to negotiate and consider economic development
incentive programs.
Resolution R-15-3854
Page 2 of 2
Sec. 3. THAT prospective joint access easements along State Highway
26 are hereby eligible for Matching Grant fund application and
consideration.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF k AYES, Q NAYS AND ABSTENTIONS ON THIS
THE 3rd DAY OF MARCH 2015.
ATTEST: CITY OF COLLEYVILLE
r
Am- helley, TRMC David Kelly
-City Secretary Mayor
Exhibit "A"
CITY OF COLLEYVILLE, TEXAS
ECONOMIC DEVELOPMENT INCENTIVES
GUIDELINES AND CRITERIA
Section 1. General Purpose and Objectives
General Purpose
The policy herein is intended as a guide for use in developing economic
development incentive packages under the provisions of state law.
Notwithstanding the policy herein established, the City Council of the City of
Colleyville retains the right to act within the provisions of such act without the
necessity of amending the general policy and/or purpose adopted within this
set of Guidelines and Criteria.
Objectives
The City of Colleyville, Texas, has made a long-term commitment to economic
development. The City seeks to foster a more diversified tax base so that it
may deliver sustainable government. Insofar as these objectives are
generally served by the enhancement and expansion of the local economy,
the City of Colleyville will, on a case-by-case basis, give consideration to
providing tax abatements and other forms of economic development
incentives as stimulation for economic growth in Colleyville. It is the policy of
the City of Colleyville that said consideration will be provided in accordance
with the criteria outlined in this document. Nothing hereinshall imply or
suggest that the City of Colleyville is under any obligation to provide any type
of incentive to any applicant.
The City of Colleyville's Economic Development Department is charged with .
retaining existing businesses, attracting new businesses 'and marketing
Colleyville—with the goal of expanding the City's commercial tax base. In
keeping with this overall mission, the City has implemented a three point
strategy in order to accomplish these important tasks:
> To identify and assist retail developers, corporate offices, and
medical/physician specialist/laboratory-related facilities to invest and
build new, high quality, sales and property tax-generating projects in
Colleyville;
> To assist landowners in the sale, development, and redevelopment of
potential retail, office, and hotel sites to their highest and best use; and
➢ To recruit new, and retain existing, Colleyville retailers, restaurants,
corporate offices, and medical/physician specialist/laboratory-related
facilities and other sales tax and property tax generating businesses
compatible with Colleyville's available land, land use plan, and
demographics.
To achieve this goal, the City wishes to enhance its economic development
efforts by developing an incentive policy to promote retention and expansion
of existing retailers, restaurants, corporate offices, and medical/physician
specialist/laboratory-related facilities, and to attract similar new businesses to
Colleyville.
Within the context of these goals, the City of Colleyville will give consideration
to providing reasonable incentives as a stimulus for new development and
redevelopment on a case-by-case basis. Nothing herein implies or suggests
that the City of Colleyville is under any obligation to provide any incentive to
an applicant. The City recognizes that only certain businesses are worthy of
incentives.
Section 2. Criteria
Any request for a tax abatement or any other type of economic development
incentive shall be reviewed by the City Council. Their decision shall be based
upon an evaluation of the following criteria, which each applicant will address
in narrative form within or on pages attached to the City's Application for
Economic Development Incentives:
Employment Impact
> Total number of full time equivalent jobs brought to Colleyville;
> Types of jobs created;
> Total annual payroll.
Fiscal Impact
➢ Total real and personal property value to be added to the tax roll;
> Anticipated direct sales tax to be generated at one (1) percent of taxable
sales;
> Other revenues generated for the City: franchise payments, occupancy
taxes, utility revenues, etc.;
Guidelines and Criteria - Page 2 of 14
> Amount of City infrastructure construction or participation required;
➢ Projected total annual operating budget of the facility.
Community Impact
> The expected effect the project will have on the local housing market;
> The expected environmental impact, if any, created by the project;
> The compatibility of the project with the City's Comprehensive Plan;
➢ The impact on neighboring businesses and/or property owners;
> The project's location (i.e. is it proposed to be located in a targeted area
or an area designated for redevelopment?);
> The project's impact on the cost or provision of Colleyville municipal
services;
> The project's type of business enterprise (i.e. is it among the types of
businesses targeted for retention within or attraction to Colleyville?).
Competitive Impact
> The effect the project would have on existing businesses in Colleyville;
> A list of the types of products or services to be sold by the applicant
which are currently sold by existing Colleyville merchants;
> A list of specific businesses seen as direct competitors to the applicant.
Please note that the City of Colleyville seeks first to retain existing businesses
and therefore will consider whether an applicant will compete or potentially
displace existing Colleyville businesses.
Section 3. Types of Incentives
It is the policy of the City of Colleyville to customize the provisions of economic
development incentives on a case-by-case basis. This individualized design
of a total incentive package is intended to allow maximum flexibility in
addressing the unique concerns of each applicant while enabling the City of
Colleyville to better respond to the changing needs of the community.
Colleyville's goal is to adequately package incentives, with clear parameters,
that are tailored to match business needs—as well as to the types of
businesses Colleyville prefers. Likewise, Colleyville recognizes how incentives
that encourage business growth and development are often unique to the
needs of each individual business. The City is therefore open to discuss any
particular incentive(s) that may be necessary for a business to ensure its
success in Colleyville.
Consideration will be given to providing any type of economic development
incentives not prohibited by state or federal law including, but not limited to:
Guidelines and Criteria - Page 3 of 14
tax abatements, in-lieu-of Freeport exemptions, state tax grants, and other
grants in general, as well as participation in infrastructure and waiver of fees.
These economic development incentives are in addition to an ongoing tax
increment financing program offered by the various taxing entities, which is
not a part of this incentive program. The provision of incentives will be subject
to the procedural and other requirements outlined in this document as well as
those mandated by state or federal law, and by other actions of the City of
Colleyville. All incentive agreements will be performance-based.
Nothing within these guidelines shall imply or suggest that the City of
Colleyville is under any obligation to provide any incentive to any applicant.
Section 4. Value of Incentives
Following an assessment of the response provided to the criteria contained in
Section 2, the City Council shall determine whether it is in the best interests
of the City of Colleyville that economic development incentives be granted to
the applicant. The review process will examine the "value added" terms of
the project. Additional consideration, beyond the criteria, will include such
items as the degree to which the project/applicant furthers the goals and
objectives of the community or meets or compliments a special need identified
by the City Council. Moreover, the City will consider whether the proposed
business type is included on the targeted list identified within the three point
strategy included in Section 1. Preference is given to medical/physician
specialist/laboratory-related facilities and corporate office uses.
Tax Abatements:
A Tax Abatement may be offered in two categories:
1. Real Property (not located in the TIF District); and/or
2. Business and Personal Property
Real property abatements may be offered to applicants which will pursue the
construction of new or expanded facilities in which to house the applicable
project. The abatement may apply only to the value of improvements made.
Business Personal property abatements may be offered to applicants which
will pursue the purchase or long-term lease of existing facilities. The
abatement will apply to the value of new personal property brought into the
taxing jurisdiction.
Guidelines and Criteria - Page 4 of 14
State law permits municipalities to grant a maximum property tax abatement
of 100 percent each year for up to ten (10) years. Once a determination has
been made that a tax abatement may be offered, the City will determine the
value and term of the abatement according to the following. schedule:
Minimum Abatement Percentage of Abatement
Property Duration Investment Considered by Council
$2 million* 1st year Up to 100%
2nd year Up to 90%
3rd year Up to 80%
$5 million 1st year Up to 80%
2nd year Up to 70%
•
3rd year Up to 60%
$10 million+ 1st year Up to 60%
2nd year Up to 50%
3rd year Up to 40%
*Only medical/physician specialist/laboratory-related facilities are eligible for
consideration.
Each application for consideration of a tax abatement, whether for Real
Property or Business and Personal Property, shall include a $1,000 tax
abatement application fee. The fee shall cover the cost of staff time spent
analyzing and evaluating the application's merits.
Grants
The City of Colleyville may agree to extend a grant based on the amount of
revenues to be generated by the economic development project to the City of
Colleyville for such categories as sales tax, occupancy taxes, utility fees, or
similarly related revenues. Chapter 380 of the Texas Local Government Code
also permits loans and grants of City funds and use of City staff and City
facilities at minimal or no charge. Any such use must be construed as serving
a "public purpose". Likewise, any type of loan, grant or waiver requires a
contract between the City and the applicant.
Guidelines and Criteria - Page 5 of 14
Retail Sales Tax Grants
By contract, the City may provide an incentive consisting of an annual grant
through a tax rebate, based on a percentage of the sales and use tax received
by the City from the sale of taxable items by the applicant. The City is
authorized by Section 380.001, Texas Local Government Code, to make such
grants.
Sales and use tax means the City's one (1) percent sales and use tax on the
sale of taxable items by the applicant at the applicant's business location in
the City. The applicant by contract will be required to provide a sales tax
certificate setting forth the applicant's collection of sales and use tax for the
sale of taxable items consummated at the applicant's business location in the
City for the previous ending twelve (12) calendar month period, with such
supporting documentation as may be required by the City.
The grant would be conditioned on the applicant's continued ownership /
occupancy of the project site.
The sales tax grants would be paid in annual installments within ninety (90)
days of the end of each twelve (12) calendar month period following the
issuance of the certificate of occupancy for the facility, or other
commencement date if no certificate of occupancy is required. The grant
would not include any of the City sales and use tax receipt from the imposition
and collection of sales and use tax for taxable items consummated at any
location, business establishment or by any other entity in the City, other than
from the applicant's sale of taxable items at the applicant's business location
in the city.
Any sales tax grant payable would be limited to the extent that the City has
received sales tax from taxable sales by the applicant. The City would not be
required to provide any grant for any twelve (12) calendar month period
during the term of the agreement for which the City has not received sales
tax revenue from taxable sales by the applicant for such twelve (12) calendar
month period.
The City's obligation to pay the sales tax grants in the agreement would
additionally be conditioned upon the applicant requesting and providing sales
tax documentation from the Office of the Comptroller of the State of Texas.
The City may also condition the incentive upon the creation of employment,
construction of improvements, certain development, continued operations for
a stated period, or other public consideration. Any incentive agreement shall
be written in a legally enforceable contract. The contract shall require the
Guidelines and Criteria - Page 6 of 14
applicant to construct certain improvements or expansions and contain at a
minimum the following terms:
1. Generation of a certain level of sales tax;
2. An annual written certification that applicant is in compliance with the
agreement;
3. Authority to terminate or modify the agreement if applicant fails to
comply with agreement;
4. Minimum term of occupancy or continued operations within the City;
5. Authority/permission for the City to schedule an annual inspection of the
business or facility;
6. Annual review of the business entity's financials;
7. Agreement that the applicant will not contest any Tarrant Appraisal
District appraisal increases throughout the term of the contract;
8. Claw-back or recapture of any and all rebated grants should the
applicant default on any portion of the contract (see Section 5.
Recapture).
In the event the applicant files an amended sales and use tax return or report
with the State of Texas, or if additional sales and use tax is due and owing, as
determined by the State of Texas, affecting sales tax receipts for a previous
twelve (12) calendar month period, the sales tax grant payment for the next
twelve (12) month calendar period immediately following such State of Texas
approved amendment could be adjusted accordingly; provided that the City
has received sales tax receipts attributed to such adjustment. As a condition
precedent to payment of such adjustment, the applicant should provide the
City with a copy of any such amended sales and use tax report or return, and
the approval thereof by the State of Texas.
In the event the State of Texas determines that the City erroneously received
sales tax receipts, or that the amount of sales and use tax paid to the City
exceeds the correct amount of sales and use tax for a previous twelve (12)
calendar month period for which the applicant has received a sales tax grant,
the applicant will be required within thirty (30) days after receipt of notification
thereof, from the City, specifying the amount by which such sales tax grant
exceeds the amount to which the applicant was entitled pursuant to such State
of Texas determination, repay such amount to the City.
TIF Grants
By contract (as authorized by Chapter 312 of the Texas Local Government
Code), the City may provide an incentive consisting of a Tax Increment
Financing (TIF) Grant. The Economic Development TIF Grant Program has the
purpose of benefiting the City, its residents, and property owners.
Guidelines and Criteria Page 7 of 14
The objectives of the Economic Development TIF Grant Program are to
promote within the TIF:
1) development and diversification of the economy;
2) elimination of unemployment and underemployment; and
3) development and expansion of commerce.
These objectives will be achieved by making grants and loans from the Tax
Increment Fund of the TIF in an aggregate amount not to exceed the amount
of tax increment produced by the City and paid into the TIF fund for activities
that benefit the TIF and stimulate business and commercial activity within the
TIF.
The City is authorized by Texas Local Government Code §380.001 to provide
economic development grants to promote local economic development and to
stimulate business and commercial activity in the City. The City Council shall
make the final determination of all grant award amounts and awardees. The
City Council shall also authorize by resolution, any development agreement
entered into by the TIF board.
Nothing contained herein shall obligate the TIF Board or the City Council to
provide grant awards, as this Economic Development TIF Grant Program does
not constitute an entitlement.
Infrastructure Participation and Waiver of Fees
The City of Colleyville may agree to partial or complete cost participation for
the extension, construction, or reconstruction of infrastructure necessary for
the development of an economic development applicant's project. In addition,
the City Council may approve the waiver of fees for, but not limited to, building
permit applicants, utility taps, and similar fees.
Matching Grants
In accordance with the City Council's strategic initiatives plan, the City of
Colleyville will also consider providing matching grants of up to $30,000 for
any and only one of the following types of investments through a
public/private, cost-sharing program:
1. Façade improvements—Existing building façade improvements that
meet the following criteria:
> Proposed improvements must exceed City's minimum rating
criteria for commercial building designs;
Guidelines and Criteria - Page 8 of 14
> Proposed improvements must be reviewed and approved by an
Architectural Review Commission.
2. Signage removal and replacement—Assistance with pole sign removal
and/or replacement as landscaped monument signs or landmark signs
(if applicant meets the City's square footage requirement); signage
plan must meet the following criteria:
> Proposed signage removal and replacement must meet all the
current requirements of the City's Land Development Code and be
reviewed and approved by an Architectural Review Commission.
3. Joint access easements between adjoining businesses of any type
located along Colleyville Boulevard (i.e. toward paving costs associated
with construction of new access easements).
4. Tenant improvements for destination restaurants and retailers—
Restaurants or retailers interested in applying for a matching grant for
tenant improvements must not be presently located in Colleyville or
any immediately adjacent city, if new, and not replicated in any
adjacent city if existing; moreover, applicants must show that they will
attract residents of other, neighboring communities (in addition to
Colleyville residents).
Matching grants for this purpose are designed to help stimulate
redevelopment and development (i.e. tenant finish out) of spaces to
accommodate these types of restaurants and retailers, providing a way
to attract diners, shoppers, and expenditures from other parts of our
region, from even outside the region and to reduce existing leakage
within the region. Those associated expenditures become additional
revenues to Colleyville's businesses, wages to the employees, and tax
receipts to the City.
By definition, a destination restaurant or retailer is a dining or shopping
establishment that is unique to the City's primary trade area, as
delineated by the Colleyville Merchandising Plan.
As it relates to the idea of "destination" restaurants and retailers,
Wikipedia defines a destination restaurant as "one that has a strong
enough appeal to draw customers from beyond its community."
Prentice-Hall's On-line Glossary notes that a destination retailer is "A
retailer to whom consumers will make a special shopping trip." And
BusinessDirectory.com adds that it is a "Popular retailer (catalog, store,
Guidelines and Criteria - Page 9 of 14
or website) from whom customers, attracted by its ambience, price;
and/or variety, will make a special effort to buy."
To qualify for matching grant consideration under Matching Grant
Program category 4, applicants must illustrate their proposed
restaurant or retail establishment:
1) Will be unique to Colleyville's primary retail market;
2) Is investing a minimum of twice the amount of sought for interior
tenant improvements (qualifying as real property improvements
that will remain with the building in a worst case scenario), and
exclusive of any equipment or fixtures (i.e. personal property
which could be removed and sold on the secondary market, again
in a worst case scenario).
All applications for Matching Grants associated with a new or relocating
business venture occupying an existing building must also submit a written
business plan for review and comment by the City's SCORE business
counseling office.
When considering applications for Matching Grants, highest priority will be
given to:
1. Applicants whose property is located on or adjacent to Colleyville
Boulevard (SH26). Not all projects submitted for City Council
consideration have the same merit; therefore there is no guarantee that
a grant will be awarded to each applicant.
2. Applicants that generate or which has signed, contingent leases with a
tenant or tenants that generate sales tax revenues.
Please note, City Council will not consider applications for the same address
of a previous grant recipient unless the time period of the first grant has
expired, all of the original criteria have been met, and the property ownership
has changed.
As identified by the Architectural Review Commission, projects having the
greatest aesthetic impact in the City should likewise be given priority. In
evaluating applications, they have recommended that Colleyville focus on and
seek the following:
1. Projects that will encourage other restoration or redevelopment in the
local proximity.
2. Projects where an immediate renovation will stop serious deterioration
of the building's facade.
Guidelines and Criteria - Page 10 of 14
3. Projects that improve the architectural integrity of the building façade.
4. Projects that demonstrate collaboration with adjacent properties and will
help to attract people to Colleyville.
5. Projects that will result in new or increased property values or the
generation of either sales or occupancy tax revenues for the City.
6. Projects which are strategically located.
7. Projects that may have a positive impact on existing, adjacent
properties.
In addition, proposed projects will be reviewed and based on the merits of
individual applications. Individuals contemplating an application to the City's
Matching Grant Program should note that general building maintenance is not
eligible under this program. All applicants will be considered on a case-by-
case basis.
Matching Grant incentives approved for the first three categories will consist
of cash payments payable upon successful completion and inspection of all
facility improvements or redevelopment, as outlined in an incentive
agreement to be entered into between the City and the owner of the facility
or facilities to receive the grant. If the City chooses to utilize the Matching
Grant program for one of the first three categories of improvements, the City
may elect to make a grant in an amount up to 50% of the cost of
improvement, not to exceed $30,000 per improvement, with a minimum
business investment of $15,000.
Matching Grant incentives approved for the fourth category will be paid out,
likewise as outlined in an incentive agreement to be entered into between the
City and the owner of the facility or facilities to receive the grant, in two equal
payments within the first two years of operation (i.e. one half after
improvements have been inspected and the business opens its doors and the
other one half after completion of one year of operation).
Forgivable Loans
The City of Colleyville will consider providing destination restaurants or
retailers (again, ones that have "a strong enough appeal to draw customers
from beyond" our community or "to whom consumers will make a special
shopping trip") with forgivable loans of up to an amount negotiated by the
City Council, in which the restaurant or retailer is forgiven a portion of its loan
for each year it is open and operates. Any loan approved under this program
shall be forgiven 20% each year for up to 5 years. Thus for example, if City
Council approves a forgivable loan amount of $100,000, it is to be forgiven in
annual increments of 20% or $20,000, beginning one year after the issuance
of a certificate of occupancy. The entire loan amount may be recaptured by
Guidelines and Criteria - Page 11 of 14
the City, should the restaurant or retailer suspend operations at any time
within 5 years following the issuance of a certificate of occupancy.
Non-Cash Incentives
The City of Colleyville will also consider providing non-cash incentives
(primarily procedural in nature) for stimulation of development and
redevelopment. Such incentives include:
1. Signage and intersection improvements already funded within the CIP;
2. Fast-track planning, plans review, and permitting; as staff work level
allows;
3. Dedicated inspections;
4. Corporate relocation assistance for employees and their families;
5. Employee recruitment and training, as funded through State of Texas
grant programs and Tarrant County College;
6. Possible access to community bank lending through the City's CDARS
program;
7. Recreational opportunities;
8. Business promotion and assistance;
9. Assistance with demolition of existing structures for redevelopment and
new investment.
Public Improvement Districts
The City of Colleyville is also willing to consider the creation of Public
Improvement Districts (PIDs). Public Improvement Districts may be created
by a municipality at the request or with the consent of property owners. PIDs
allow for the levy of voluntary assessments and the issuance of tax exempt
bonds. Funds collected through PIDs and any associated bonds may be used
for capital improvement projects and maintenance within the geographic area.
Section 5. Recapture
All incentive agreements shall include a provision allowing City staff access to
the applicant's business and/or facilities for an annual inspection, so the City
may monitor and enforce accountability. In the event a business receiving
incentives from the City of Colleyville fails to perform under the agreement
executed between the City and the business, the incentive obligation on the
part of the City will be void. Any incentive paid to the business up to the point
of failure shall be returned to the City of Colleyville in full. All incentive
agreements will be negotiated and executed to include claw-back provisions.
Guidelines and Criteria - Page 12 of 14
Section 6. Procedural Guidelines
Any person, organization or corporation desiring that the City of Colleyville
consider providing economic development incentives to encourage location or
expansion of operations within the City limits of Colleyville shall be required
to comply with the following procedural guidelines. Nothing within these
guidelines shall imply or suggest that Colleyville is under any obligation to
provide incentives of any amount or value to any applicant.
Preliminary Application Steps
1. Applicant shall complete an "Application for Economic Development
Incentive" as provided by the City.
2. Applicant shall address all criteria questions outlined in Section 2. above
directly on the application form and in letter format, if additional
explanation and information are necessary.
3. Applicant shall prepare a plat showing the precise location of the
property, all roadways within 200 feet of the site, and all existing land
uses and zoning within 200 feet of the site. If the property is described
by metes and bounds, then the applicant shall also provide a complete
legal description.
4. Applicant shall present the application to the Director of Economic
Development and obtain his/her signature that the package is complete
before formal submission to the City.
Applicant shall complete all forms and information detailed in items 1 through
3 above and submit them to the Director of Economic Development, City of
Colleyville, 100 Main Street, Colleyville, Texas 76034.
Application Review Steps
1. All information in the application package detailed above will be
reviewed for completeness and accuracy. Additional information may
be requested as needed.
2. The application will be distributed to the appropriate City departments
for internal review and comments. Additional information may be
requested as needed.
3. Copies of the complete application package and staff comments will be
provided to the City Council.
4. In light of the proprietary nature of this data, all information included
within the application shall remain confidential unless and until formal
action is taken to establish an incentive agreement.
Guidelines and Criteria - Page 13 of 14
Consideration of the Application
The City Council will consider the application at a regular or called meeting(s).
State law stipulates that incentives need to be endorsed by a local governing
body. Therefore, additional information may be requested as needed.
The City Council of Colleyville may consider a resolution calling a public
hearing to consider establishment of a tax reinvestment or redevelopment
zone or other zone designation as deemed appropriate.
The Colleyville City Council shall hold a public hearing and determine whether
the project is "feasible and practical" and whether it "would be of benefit to
the land to be included in the zone and to the municipality."
The City Council of Colleyville may consider adoption of an ordinance or
resolution, as deemed appropriate, designating the area described in the legal
description of the proposed project.
The City Council may consider adoption of a resolution approving the terms
and conditions of a contract between the City and the applicant governing the
provision of the economic development incentives.
If the City Council chooses to grant a tax abatement, the City must designate
an area as a reinvestment zone. Any City designating a reinvestment zone
must make two findings:
1. Proposed improvements are feasible and practical and would benefit the
zone; and
2. The zone meets one of the eligible criteria for reinvestment zones. The
City's criterion include:
1) whether the proposed project within the zone is likely to contribute
to the retention or expansion of primary employment, or
2) to attract investment within the zone.
Guidelines and Criteria - Page 14 of 14