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2011 Resolutions
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2011 Resolutions
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<br />property, provision of on or off-site public infrastructure, provision of public facilities, or provision <br /> <br />of favorable financing terms. The EDA's provision of such in-kind services may require the City to <br /> <br />provide funds to the EDA in order that the EDA may affect the provision of such services in whole <br /> <br />or in part. Additionally or alternatively, the City or its agent may, but is not required to, provide all <br /> <br />or a portion of the Mixed-Use Development Incentive by directly providing in-kind services for the <br /> <br />benefit of the Mixed-Use Development Incentive Recipient and/or the public welfare, including, but <br /> <br />not limited to, such services as: abandonment of public rights-of-way, provision of on or off-site <br /> <br />public infrastructure, provision of public facilities, or provision of favorable financing terms. The <br /> <br />value of the total incentive, whether provided by cash grant or in-kind service or combination <br /> <br />thereof, shall not exceed the public contribution necessary to induce the Mixed-use Project and <br /> <br /> <br />associated Qualifying Event( s) to occur and must be justified by the validated direct and indirect <br /> <br /> <br />economic return to the City. The amount and mode of delivery of the Mixed-Use Development <br /> <br /> <br />Incentive, whether by grant(s), in-kind services delivered by the EDA, or in-kind services delivered <br /> <br />by the City, or any combination ofthe above shall be specified in the Incentive Agreement governing <br /> <br />that Mixed-Use Development Incentive. <br /> <br />IV. Approval Of Incentive Agreements <br /> <br />Notwithstanding anything to the contrary expressed or implied by the terms of this <br /> <br />Agreement, the City retains the right in its discretion to approve or disapprove any proposed <br /> <br />Incentive Agreement for a Mixed-Use Development Incentive negotiated pursuant to the terms of <br /> <br />this Agreement without regard to whether the proposed qualifying activity provides the minimum <br /> <br />taxable capital investment and meets the minimum job creation criterion. No Incentive Agreement <br /> <br />for a Mixed-Use Development Incentive may be executed by the EDA without first being authorized <br /> <br />by a resolution of the City Council of the City of Portsmouth. <br />
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