Laserfiche WebLink
<br />As an economic development incentive option, the City agrees to waive the <br />applicable PILOT for an approved applicant and redirect that amount as a credit <br />distributed through the applicant’s monthly ERMU electric service bill for up to two <br />years. The amount of the incentive shall be determined by ERMU in its sole <br />discretion in consultation with the City. <br /> <br />For the applicant to be eligible for this incentive, the business must be located within <br />an area of the ERMU electric service territory in which the electric sales are included <br />in the calculation for the PILOT to the City. And for the applicant to be eligible, the <br />project must meet all other applicable prevision of the ERMU PILOT policy; the <br />City must be eligible to receive PILOT for the location to be able to waive PILOT <br />for the project. <br /> <br />10. Form of Assistance; Repayment <br />The incentive will be provided over a period of 2 years starting after the City issues a <br />certificate of occupancy for the project. If the business owner fails to create the <br />number of jobs as set forth in its application within 2 years of the issuance of a <br />certificate of occupancy, the business may be required to repay the amount of <br />assistance provided if required by applicable law. <br /> <br />11. Agreement to Pay Costs of Review <br />City and EDA policy requires applicants to pay all costs incurred by the city to <br />review and act upon applications so that these costs are not borne by the taxpayers. <br />These costs include all of the city’s out-of-pocket costs for expenses, including the <br />City’s and the EDA’s costs for review of the application by the City’s and EDA’s <br />financial advisor, attorney, other consultants, recording fees, and necessary <br />publication costs. <br /> <br />The application processing fees cover anticipated costs; costs incurred above the <br />application fee will be invoiced as they are incurred and payment will be due within <br />thirty (30) days. Any unused portion of the application fee will be returned to the <br />applicant. If payment is not received as required by this agreement, the city may <br />suspend the application review process and may deny the application for failure to <br />comply with the requirements for processing the application. Payment for costs will <br />be required whether the application is granted or denied. <br /> <br /> <br /> <br />Page 5 of 12 EDA & City Council Approved January XX, 2019 <br /> <br /> <br />