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CHAPTER 3.25 <br />ENHANCED ASSISTANCE FOR AEROSPACE BUSINESSES <br />Sec. 3.25.010.- Established. <br />Sec. 3.25.020.- Findings, intent, and purpose. <br />Sec. 3.25.030.- Definitions. <br />Sec. 3.25.040.- <br />Basis for participation. <br />Sec. 3.25.050.- <br />Approval of agreement; conditions; effect. <br />Sec. 3.25.060.- <br />EAP payments. <br />Sec. 3.25.070.- <br />Criteria for approval. <br />Sec. 3.25.080.- <br />Agreement with city; required; contents. <br />Sec. 3.25.010.- Established. <br />There is established within the city an Enhanced Assistance <br />Program for Aerospace Businesses ("EAP"). <br />Sec. 3.25.020.- Findings, intent, and purpose. <br />A. The purpose of the EAP created by this chapter is to <br />encourage the recruitment, retention, establishment, and/or substantial <br />expansion within the city of aerospace businesses meeting certain criteria <br />set forth in this chapter. <br />B. The city council specifically finds and determines aerospace <br />businesses have a greater -than -average potential to create a large number <br />of jobs with high earning potential for residents of the city and others, and <br />to otherwise stimulate the city's economy, and following the period of <br />assistance under this chapter, the potential to increase the taxes and fees <br />collected by the city, which increased tax and fee collections will enable the <br />city to provide expanded and improved municipal services to and for the <br />benefit of the residents of the city. <br />C. The city council further specifically finds and determines that <br />creation of the EAP is consistent with the city's powers as a home rule <br />municipal corporation, and that exercise of said powers in the manner set <br />forth in this chapter is in furtherance of the public health, safety and welfare. <br />Notwithstanding any provision of this chapter, the city shall never be a joint <br />venturer in any private entity or activity which participates in the EAP, and <br />the city shall never be liable or responsible for any debt or obligation of any <br />participant in the EAP. <br />Sec. 3.25.030.- Definitions. <br />As used in this chapter and all sections thereof, the following terms <br />and phrases shall have the following meanings: <br />Ordinance No. 1857, Series 2023 <br />Page 5 of 11 <br />