734-99 Adopt Economic Development Plan

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OR BK2 2 PG EES 5of6 (iii) Pay all or part of the business' utility connection charges associated with new construction for projects. B. Industrial Bond Financing. The City Council of the City of Zephyrhills may issue revenue bonds for the purpose of financing and providing funds for those projects that meet the criteria and requirements set forth in Section 159.25 through 159.431, Florida Statutes, the Florida Industrial Development Financing Act. - C. Job Training. The City Council of the City of Zephyrhills may reimburse for job training of Zephyrhills' residents for the first six (6) months and direct the Zephyrhills Economic Development Committee to work with Private Industry Council and Pasco-Hernando Community College for the development of appropriate programs. D. Ad Valorem Tax Abatement. Subject to voter approval, the City Council of the City of Zephyrhills may abate ad valorem taxes for a maximum of five years to encourage land and capital investment. SECTION V. Project Assistance. The City Council of the City of Zephyrhills will asci n.City staff to facilitate or expedite procedural assistance for approved economic development,projects. _ SECTION VI Contract Requirements, Once an incentive package/program has been approved, the City Council of the City of Zephyrhills will authorize the City Attorney to draft a legally enforceable contract setting out the incentive or incentive package; specific performance criteria based on investment, employment, and public recourse for nonperformance; annual monitoring mechanisms; and the penalties; clawbacks, or recalibrations that will be used and enforced should the business fail to meet its requirements. Reparation will be capped at incentive amounts prorated over, and limited to, a five-year period. Annual compliance reports will be required for economic development projects which receive an incentive award. These reports will be reviewed by the Zephyrhills Economic Development Committee.