734-99 Adopt Economic Development Plan

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OR GK 4-012 PG 2_- 4of6 B. Applications will be submitted through the Zephyrhills Economic Development Committee for consideration and will coordinate with the City Manager or his designee to perform an economic analysis and cost-benefit analysis or other acceptable analysis techniques and Comprehensive Plan compliance review so it can make a recommendation of the type of incentive or incentive package and the amount of award to be offered. C. After the application is received, the Zephyrhills Economic Development Committee shall make a recommendation within four (4) weeks. The recommendation will be presented to the City Council of the City of Zephyrhills for approval. This presentation will be no later than the second subsequent City Council's meeting following the Zephyrhills Economic Development Committee's recommendation. SECTION III. Composition of the Zephyrhills Economic Development Committee. The Zephyrhills Economic Development Committee shall consist of seven (7) individuals representing the following business segments; banking (1); accounting (1); development (1); manufacturing (1); and citizens (3) not actively employed in the previously identified business segments. Terms of the individuals willbe for three (3) years. The Zephyrhills Economic.:Development.Committee's members will be nominated and approved by the City Council of the City of Zephyrhills. SECTION IV. Incentives. At the City Council of the City of Zephyrhills' option for those developments qualifying under Section 1, above, and submitting an application for Economic Development Incentive Award for staff review the following incentive mechanisms may be made available, singly or packaged, by the terms of this Ordinance; A. Impact Fees and Connection Charge. Through the creation of an Economic Development Fund, the City Council of the City of Zephyrhills may choose to: (i) Pay all or a part of the business' impact fees for projects provided that infrastructure is currently available or paid by the developer. (ii) Pay the business' impact fees and then defer the reimbursement of those impact fees for a maximum of three years and pay the carrying charges associated with new construction for projects.