§ 33-3. Purpose.

A. 

The purpose of the Economic Development Plan/Ordinance is to allow public support of economic projects to foster, promote and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. Further, the purpose of this chapter is to allow the City to enter into one or more joint powers agreements with other local governments to plan and support regional economic development projects.

B. 

Local Economic Development Act. Local governments are allowed to provide direct or indirect assistance to qualifying businesses for furthering or implementing economic development plans and projects, furthermore local and regional governments have the authority to contribute assets to development projects; however, the imposition of a tax must be approved by the voters in referendum.

C. 

Eligible uses. Municipalities may impose municipal infrastructure gross receipts tax and dedicate the revenue for economic development projects. A total of 0.25% tax (in four increment of 0.0625%) may be imposed.