Must have a minimum threshold investment which may be comprised of a combination of physical improvements and acquisition costs; such threshold investment may be comprised of a single real property investment or a cumulative investment. Must be for one or more of the following: Retail uses as identified in the most current Retail Market Power Database provided by Claritas Tourism related business or activity Cultural arts activities and associated businesses Corporate headquarters Research and development High technology growth business Other uses as may be determined the City of which meet the intent of the ordinance and as are identified more specifically according to the adopted master plans and/or redevelopment plans. SECTION 7. Specific eligibility criteria Any identified designated area have specific eligibility criteria designed to meet the needs of that geographic area and the respective master plan and/or redevelopment plan pertaining to that designated area. Such specific criteria is enumerated in A” attached hereto and made a part “Exhibit hereof this Ordinance. SECTION 8. Administrative criteria and terms of delivery The person, firm, or corporation must apply for the Economic Development Incentive Program, provide sufficient documentation on the development, and agree to furnish good faith estimates on projected sales tax, assessed valuation, and other information as may be needed to determine the incentives that may be provided and the amount of the incentive. The grant incentive amount shall be determined based upon the amount of the capital investment and new revenue generated as a result of the capital investment as calculated over a period not to exceed 5 years. The 5 year or less grant term shall commence with the issuance of the Certificate of Occupancy, issuance of a business license, and/or other criteria corresponding to the eligibility factors. The grant incentive shall require annual monitoring by the City of Anderson to ensure continued program compliance; monitoring during the grant incentive period shall include benchmarks such as, but not limited to, the completion of the first taxable year of occupancy and first year of operation of the identified business use; benchmarks shall be monitored for each year of the incentive period. The total incentive amount shall not be greater than the direct value received by the City and derived from the capital investment during the term of the incentive. The City of Anderson may at its discretion extend the incentive time period if deemed warranted based upon the continuing benefit created by the investment. The City of Anderson may increase or decrease the amount of the incentive based upon actual development and real property values as determined through the monitoring process.
Must have a minimum threshold investment which may be comprised of a combination of physical improvements and acquisition costs; such threshold investment may be comprised of a single real property investment or a cumulative investment. Must be for one or more of the following: Retail uses as identified in the most current Retail Market Power Database provided by Claritas Tourism related business or activity Cultural arts activities and associated businesses Corporate headquarters Research and development High technology growth business Other uses as may be determined the City of which meet the intent of the ordinance and as are identified more specifically according to the adopted master plans and/or redevelopment plans. SECTION 7. Specific eligibility criteria Any identified designated area have specific eligibility criteria designed to meet the needs of that geographic area and the respective master plan and/or redevelopment plan pertaining to that designated area. Such specific criteria is enumerated in “Exhibit A” attached hereto and made a part hereof this Ordinance. SECTION 8. Administrative criteria and terms of delivery The person, firm, or corporation must apply for the Economic Development Incentive Program, provide sufficient documentation on the development, and agree to furnish good faith estimates on projected sales tax, assessed valuation, and other information as may be needed to determine the incentives that may be provided and the amount of the incentive. The grant incentive amount shall be determined based upon the amount of the capital investment and new revenue generated as a result of the capital investment as calculated over a period not to exceed 5 years. The 5 year or less grant term shall commence with the issuance of the Certificate of Occupancy, issuance of a business license, and/or other criteria corresponding to the eligibility factors. The grant incentive shall require annual monitoring by the City of Anderson to ensure continued program compliance; monitoring during the grant incentive period shall include benchmarks such as, but not limited to, the completion of the first taxable year of occupancy and first year of operation of the identified business use; benchmarks shall be monitored for each year of the incentive period. The total incentive amount shall not be greater than the direct value received by the City and derived from the capital investment during the term of the incentive. The City of Anderson may at its discretion extend the incentive time period if deemed warranted based upon the continuing benefit created by the investment. The City of Anderson may increase or decrease the amount of the incentive based upon actual development and real property values as determined through the monitoring process.
anderson_econ_dev_incentive_ord.docx