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<br /> <br /> <br /> <br /> <br />SUBJECT: BUSINESS ASSISTANCE PROGRAM DISCUSSION <br /> <br />DATE: AUGUST 5, 2013 PAGE 5 OF 5 <br />certificates or debentures, payable from or secured by any sales or use taxes <br />issued by the city; and <br />L. Any other provisions agreed upon by the parties and approved by the city council. <br /> <br />RECOMMENDATION: <br />The BAP has been implemented for over 5 years now. Over 40 BAP packages have <br />been approved by the City Council resulting in 575 jobs being retained, 1,337 jobs being <br />created, and over $350,000 in new sales tax revenue being created. The total <br />incentives paid through the program amount to $458,000. This program has generated <br />significant benefits for the costs to incent the projects. <br /> <br />The BAP ordinance has a few items which staff believes should be considered for <br />amending the ordinance. The following is a description of each of the items. <br /> <br />1) Job Creation through new construction <br />The public or public-related improvements list has “expansion or creation of jobs in the <br />city” as an allowable project but does not specifically state that a new construction <br />project can meet that goal. The city has approved packages for Pearl Izumi, Art <br />Underground, and Benjamin West which were for new construction. <br /> <br />2) Timing of payment <br />The BAP ordinance has that rebate payments must be paid only after a Certificate of <br />Occupancy is issued for the improvements. Normally, this is an allowable timeframe for <br />businesses to receive their incentives. However, there may be projects which have <br />cash constraints and may require their fee rebate payments issued prior to a Certificate <br />of Occupancy. <br /> <br />ATTACHMENTS: <br />1) BAP Ordinance 1507-2007 <br />2) BAP Criteria <br />3) BAP Application <br />10