§ 2-176. Incentive recapture provision.

Each business approved to receive incentives pursuant to any of the above described programs will be required to enter into an economic incentives commitment agreement (EICA) which shall include, at minimum, the following conditions:

(a)

A description of the project;

(b)

The types of incentives offered;

(c)

The terms upon which the incentives are offered;

(d)

Should any incentive offered by the board of commissioners under this article be determined to be illegal, unenforceable or invalid, then the business, or its successors, heirs or assigns, agrees to promptly reimburse the county;

(e)

Any business which receives or participates in any incentive offered under this article agrees not to relocate or be annexed for the period for which the incentive is granted and the incentive value is recaptured;

(f)

A provision for the recapture of the value of these incentives should the business fail to meet the agreed-upon terms and/or fails to maintain the incentive eligibility criteria throughout the incentive period; and

(g)

Should a business or its successors violate the above provisions, then such business shall immediately reimburse the county for the value of any incentive received under this article.

(Ord. of 8-24-93; Code 1977, § 3-9.8-6; Amd. of 2-27-18)

Note— Formerly § 2-170.