§ 82-197. City commission review.

(a)

Public hearing . Within 60 calendar days of receipt of the property appraiser's report, the city commission shall hold public hearings on the enactment of an ordinance granting or denying the exemption. At the public hearing the city commission must consider the application, the director of economic development's recommendation, the community redevelopment agency's recommendation, the report of the property appraiser and the following criteria:

(1)

The total number of net new jobs to be created by the applicant;

(2)

The average wage of the new jobs;

(3)

The capital investment to be made by the applicant;

(4)

The type of business or operation and whether it qualifies as a targeted industry as may be identified from time to time by the city commission;

(5)

The environmental impact of the proposed business or operation;

(6)

The extent to which the applicant intends to source its supplies and materials within the city or Palm Beach County; and

(7)

Any other economic-related characteristics or criteria deemed necessary by the city commission.

(b)

Ordinance and standards for review . Exemptions shall be granted by ordinance. The granting of, or the denial of exemptions will be based upon a rational, nonarbitrary, nondiscriminatory review by the city commission of the application and the information required by subsection (a) above in furtherance of the economic development goals of city and a determination as to whether any and all exemptions granted will result in an economic benefit to the city. Ordinances granting exemptions shall include the following:

(1)

The name and address of the new business or expansion of an existing business to which the exemption is granted;

(2)

The total amount of revenue available to the city from ad valorem tax sources for the current fiscal year, the total amount of revenue lost to the city for the current fiscal year by virtue of economic development ad valorem tax exemptions currently in effect, and the estimated revenue loss to the city for the current fiscal year attributable to the exemption of the business named in the ordinance;

(3)

The period of time for which the exemption will remain in effect, and the expiration date of the exemption, which may be any period of time up to ten years, or up to 20 years for a data center and annual renewal requirements; and

(4)

A finding that the business named in the ordinance meets the requirements of F.S. § 196.012(14) or (15), defining "New Business" or "Expansion of an Existing Business".

(5)

A provision authorizing the mayor to execute, on behalf of the city, a tax exemption agreement consistent with the provisions of the ordinance.

(c)

Tax exemption agreement . After approval of an application for a tax exemption, no exemption granted hereunder shall be effective unless and until the business enters into an exemption agreement with the city. The agreement shall be consistent with F.S. § 196.1955, and shall include, but not be limited to, the following:

(1)

Performance criteria;

(2)

Reporting requirements to include the number of new, full-time jobs created and their actual average wage;

(3)

Annual renewal requirements;

(4)

Default and termination provisions.

(Ord. No. 4686-16, § 7, 2-27-2016)