Ordinance 2021-1822 - Laserfiche WebLink

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may agree. If in any period the agreed -upon base figure is not met by applicant and, thus, no enhanced sales taxes are generated for that period, then no funds shall be shared with the applicant for such period and no increment shall be shared until that deficit, and any other cumulative deficit, has been met, so that at the end of any 12- month cycle, funds in excess of those enhanced sales taxes agreed to be shared shall not have been shared with any applicant. B. For BAP agreements utilizing fees, payments shall be made in either incremental payments or a lump -sum payment as provided in the agreement approved by the City Council. Such payments shall be commence no earlier than issuance of a certificate of occupancy for the subject location and satisfaction of the requirements of this chapter and of the agreement. C. No interest shall be paid on any amounts shared pursuant to any BAP agreement. Sec. 3.24.075. Vacancy bonus incentive. In addition to the enhanced sales tax incentives and permit rebates, the agreement required by Section 3.24.100 may provide a vacancy bonus incentive of a maximum one dollar per square foot ($1/sf) of leased retail space, with a maximum amount of one hundred thousand dollars ($100,000.00). The City Manager may approve a vacancy bonus incentive if the space to be occupied by the applicant was previously occupied by a licensed business, the space has been vacant for a period or one (1) or more years immediately prior to the applicant taking occupancy, the applicant's business consists primarily of retail sales, and the total incentive package, including the vacancy bonus, is less than fifty thousand dollars ($50,000.00) as provided in Section 3.24.090. Applications for a vacancy bonus not meeting all of the foregoing criteria may only be approved by the City Council, acting in its discretion. A vacancy bonus incentive shall be payable only to the person or entity operating the retail business, and funds received by the applicant shall be restricted to those uses set forth in Section 3.24.060. Sec. 3.24.080. Existing tax revenue sources unaffected. A. It is an overriding consideration and determination of the City Council that existing sources of City sales tax and fee revenues shall not be used, impaired or otherwise affected by the BAP. Therefore, it is conclusively determined that only enhanced sales taxes and fees generated by the properties or businesses described in an approved BAP application shall be subject to division under the BAP. It shall be the affirmative duty of the finance director of the City to collect and hold all such enhanced sales taxes and fees to be shared in a separate account apart from the sales taxes and fees generated by and collected from other sources in the City and to provide an accounting system which accomplishes the overriding purpose of this chapter. It is conclusively stated by the City Council that this chapter would not be adopted or implemented but for the provision of this section. Ordinance No. 1822, Series 2021 Page 4 of 9