The qualifying entity shall prepare with the City a project participation
agreement. This agreement is the formal document, which states the
contribution and obligation of all parties in the economic development
project. The agreement must state the following items:
(1)
The economic development goals of the project;
(2)
The contribution of the City and the qualifying entity;
(3)
The specific measurable objectives upon which the performance review
will be read;
(4)
A schedule for project development and goal attainment;
(5)
The security being offered for the City's investment;
(6)
The procedures by which a project may be terminated and the City's
investment recovered; and
(7)
The time period for which the county shall retain an interest in
the project. Each project agreement shall have a "sunset" clause after
which the City shall relinquish interest in and oversight of the project.
