77-4412.

Good life district economic development program; establishment; ordinance; contents; contracts and agreements; authorized.

(1) Upon approval by the voters, the governing body of the city may establish a good life district economic development program for any area within the city which is included in a good life district established pursuant to the Good Life Transformational Projects Act, and the city shall appropriate the local sources of revenue established in the good life district program area and pledged for such program.

(2) A good life district economic development program shall be established by ordinance, which shall include the following provisions:

(a) The boundaries of the good life district program area, which shall be coterminous with the portion of the applicable good life district as established pursuant to section 77-4405 which is located within the city. Such boundaries of the program area may be expanded to include any area annexed by the city which is also included within such established good life district;

(b) A description of the local sources of revenue which shall be established for the program pursuant to section 77-4413, and a pledge to appropriate such revenues to the program for the time period during which such funds are collected;

(c) The time period within which the funds from local sources of revenue are to be collected within the good life district program area, and the time period during which the good life district economic development program will be in existence;

(d) The manner in which a qualifying business will be required to submit an application for assistance under the good life district economic development program, including the type of information that will be required from the business, the process that will be used to verify the information, and the types of business information provided to the city which will be kept confidential by the city, and the types of agreements which will be permitted with qualifying businesses for development of property within the good life district program area. No additional business information shall be required from a qualifying business that is the good life district applicant. The Department of Economic Development shall provide a copy of the application, approval, and all related documentation establishing the related good life district to the city upon approval by the Department of Economic Development;

(e) Such restrictions on qualifying businesses, limitations on types of eligible costs, and limitations on the amounts of eligible costs as the city determines are in the best interests of the city and the good life district economic development program. Such limitations and restrictions shall include provisions intended to ensure (i) sufficient infrastructure will be available to serve the program area and expectations as to how such infrastructure will be constructed and funded, (ii) sufficient capital investment in buildings and facilities to generate enough local sources of revenue to sustain the program, and (iii) substantially all of the eligible costs will be used for the benefit of the program area; and

(f) A description of the administrative system that will be established by the city to administer the good life district economic development program, including a description of any personnel structure and the duties and responsibilities of the personnel involved.

(3) All information provided with an application for assistance under any good life district economic development program to the city by a qualifying business shall be kept confidential by the city to the extent required by the terms of the ordinance establishing the good life district economic development program. The city may approve or deny any application for assistance in the discretion of the city, subject to the terms of any contract or agreement with a qualifying business related to such program.

(4) The city may enter into contracts and agreements with qualifying businesses related to assistance under the good life district economic development program, development of property within the applicable good life district program area, use of property within the good life district program area, and other agreements related to the good life district economic development program or good life district program area, which contracts and agreements may extend over multiple years and include such undertakings and designation of responsibilities as the city determines appropriate or convenient for development, use, and operation of the good life district economic development program and the properties in the good life district program area. The city shall not enter into a contract or agreement with a qualifying business for assistance that uses local sources of revenue collected from property owned by the good life district applicant unless the contract or agreement is approved by the good life district applicant. This subsection shall not be construed to provide a city with any power it would not otherwise have by law to restrict a business lawfully permitted to operate in this state from locating in a good life district.

(5) In connection with administration of a good life district economic development program, a city may engage professionals, consultants, and other third parties to assist and provide such services to the city as determined appropriate by the city. All costs of administration of the program which are charged to the program by the city shall be paid from the associated good life district economic development fund prior to payment of any other eligible costs or bonds which may be payable from the fund.

(6) Each good life district economic development program shall remain in effect until thirty years after the date the associated good life district was established or until the program is terminated by the city pursuant to subsection (7) of this section, whichever occurs first. If more than one good life district is established within a city, a separate good life district economic development program shall be established for each such good life district.

(7) The governing body of a city may, at any time after the adoption of the ordinance establishing the good life district economic development program by a two-thirds vote of the members of the governing body, amend or repeal the ordinance in its entirety, subject only to the provisions of any outstanding bonds or existing contracts relating to such program and the rights of any third parties arising from such bonds or contracts.