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:
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