Qualification for Economic Incentive Sample Clauses

Qualification for Economic Incentive. Under the Rebate Act, in order to qualify for a rebate of all or a portion of Municipal Motor Fuel Taxes derived from the Subject Property, the City must find that the property subject to the rebate agreement, if vacant, has been vacant for at least a year, or if a building had been located thereon, such building had been demolished within the last year and did not meet applicable building codes; or, such building was underutilized; or, the property, if developed, supports buildings which do not meet current codes or have remained less than significantly unoccupied or underutilized for a period of at least one year; and, as a direct result of any economic incentive agreement, the City will benefit through the retention or creation of jobs; the strengthening of its commercial environment; the enhancement of its tax base; and the development will serve as a catalyst for the commercial development of adjacent areas. The City must also find that without the financial assistance pursuant to the Rebate Act, the redevelopment of the Subject Property would not occur and also determine that the developer meets the high- standards of creditworthiness as required under the Rebate Act. Also as required by the Rebate Act, the City finds as follows: 1. The Subject Property has been and has remained vacant for at least one (1) year; 2. The residential structure on the Subject Property has remained less than significantly occupied and has been underutilized for a period of at least one (1) year; 3. The redevelopment of the Subject Property shall create job opportunities within the City; 4. The redevelopment of the Subject Property will serve to further the development of adjacent areas; 5. That without incentives including the Municipal Motor Fuel Tax rebate hereinafter set forth, the redevelopment of the Subject Property would not proceed; 6. That the developer meets the high-standards of creditworthiness and financial strength by demonstrating that it has contributed through equity financing no less than ten percent (10%) of the total cost of the redevelopment of the Subject Property; 7. That the redevelopment of the Subject Property will strengthen the commercial sector of the City; 8. That the redevelopment of the Subject Property will enhance the tax base of the City; and, 9. That this Agreement to rebate Municipal Motor Fuel Taxes is in the best interest of the City.