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<br /> <br /> <br /> <br /> <br /> <br /> <br />BUSINESS RETENTION AND <br />DEVELOPMENT COMMITTEE <br />SUBJECT: BUSINESS ASSISTANCE PROGRAM DISCUSSION <br /> <br />DATE: AUGUST 5, 2013 <br /> <br />PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT <br /> <br />INTRODUCTION: <br />The Business Assistance Program (BAP) was established in 2007 to formalize the <br />policy of providing incentives to encourage businesses to expand or relocate within the <br />community. The policy has remained unchanged since then. This memorandum <br />outlines the main components of the program. <br /> <br />DISCUSSION: <br />The BAP guidelines were approved by the City Council on January 16, 2007 by <br />Ordinance No. 1507-2007. The following are the main components of the program: <br /> <br />Purpose <br />The BAP is to encourage the recruitment, retention, establishment and/or substantial <br />expansion of sales tax generating businesses and employers within the city, thereby <br />stimulating the economy of and within the city, providing employment for residents of <br />the city and others, further expanding the goods and services available for purchase <br />and consumption by businesses and residents of the city, and further increasing the <br />sales taxes and fees collected by the city, which increased sales tax and fee collections <br />will enable the city to provide expanded and improved municipal services to and for the <br />benefit of the residents of the city, while at the same time providing public or public- <br />related improvements at no cost, or at deferred cost, to the city and its taxpayers and <br />residents. <br /> <br />Basis for Participation <br />BAP awards must be approved by a majority of the City Council. The business <br />proposing an award is reasonably likely to generate enhanced or increased sales taxes, <br />permit fees and/or construction use taxes within the city in the first year of operation. <br />Application for inclusion in the BAP must be made prior to the proposed opening, <br />acquisition or expansion. <br /> <br />Agreement Conditions <br />A BAP agreement may entitle the business to a share in enhanced sales taxed and fees <br />derived from the project. The share in increased taxes and fees shall not commence <br />until all public or public-related improvements are completed and meet city standards. <br />Agreements shall not exceed 10 years or until a specified amount is reached. <br /> <br />Permitted use of funds <br />6