16 - Chapter 380 Retail Economic Development Program

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EXISTING CHAPTER 380 POLICY—TO BE REPLACED BY NEW PROGRAM In addition, priority shall be given to: • Businesses that: 1) fill existing retail or service gaps; 2) reduce retail leakages; and/or 3) introduce new capital into the local economy from outside the city. • Highly unique or specialized businesses that draw from an unusually large trade area, thereby bringing new capital into the local economy. • Expansions of existing businesses that meet the above objectives. Section II. Funding Funds can be used for infrastructure, relocation, training, land acquisition, and other business necessities. Any such economic development grants, loans, or other incentives may come from any one or combination of the following: • Grants or loans as authorized by Chapter 380 of the Texas Local Government Code; • The general sales and use taxes of the City of Paris; • Sales and use taxes of the Paris Economic Development Corporation paid by the actual development only; • Hotel occupancy taxes paid by the actual development only; and/or • Any other lawful source of revenue of the city including, but not limited to, bond or other debt financing which furthers the purpose of economic development. Section III. Development Agreement To be eligible to apply and qualify for consideration of any grants, loans, or other incentives under this section, the applicant must submit documentation, and enter into a development agreement with the City of Paris, which ensures the following development within the city: • A minimum of 60,000 new gross leasable or owner -occupied retail square footage all contained within one mixed use development containing any combination of: retail, residential, office and other commercial space; and • The project is reasonably expected to generate a minimum of $80,000 annually in sales and use tax receipts to the city. It shall be the goal of the city to negotiate said agreements as creatively as possible, such that: • Each development shall pay for itself. • The city shall receive, whenever feasible, direct, in-kind benefits from the developer that are designed to enhance Paris's quality of life. • Little or no funds are expended by the city in advance of development, but rather the develop- ment is funded from future returns on investment. • The provision of wet utilities are specifically provided and/or planned for. • Likely traffic pattern and traffic count changes are analyzed and accommodated so that no undue detriment to public safety results from the development. Section IV. Exceptions The city may utilize lower minimum thresholds for considering and approving development agreements in the following areas: • Downtown. • Cox Field Airport PD. • Lake Crook PD. • Sustainable mixed use developments. • Other areas that may be identified.