§ 70-408. Proposals for economic development projects.

(a)

The advisory committee shall receive and review proposals from organizations that are interested in initiating economic development projects. The advisory committee shall conduct at least one public meeting per year to inform the public about the economic development fund, the application process by which funding is requested, and the economic development priorities of the city.

(b)

Prior to the submission of its recommendations to the mayor and clerk of council, but not later than July 1 of each year, the advisory committee shall conduct at least one public hearing, which shall be advertised in the official journal and noticed in accordance with law, to receive comments from the public and other interested parties regarding applications received by the advisory committee for the funding of projects from the economic development fund. No later than August 1 of each year, a copy of the minutes from the public hearing shall be submitted to the mayor and the clerk of council.

(c)

The final proposed recommendations developed by the advisory committee shall be submitted to the mayor and the clerk of council on or before August 1 of each year. Each recommendation shall include a detailed, objective, independent, cost-benefit analysis of the project indicating the return on the investment for funds being allocated. The committee shall include with the submittal of its recommendations a copy of each proposal received.

(d)

Upon receipt of the advisory committee's proposed recommendations, the mayor may modify, change, or amend the recommendations in whole or in part. However, the mayor shall submit the economic development fund recommendations to the city council on or before November 1 of each year.

(e)

If the mayor fails or neglects to submit the economic development fund recommendations on or before November 1 of each year, the clerk of council shall submit the recommendations developed and submitted that year by the advisory committee.

(f)

The city council shall adopt, amend, or reject the economic development fund recommendations on or before December 1 of each year, provided, however, that additional amendments may be adopted after that date, as provided in section 70-409.

(g)

The mayor's office shall provide the following reports to the city council for each project approved pursuant to this section:

(1)

A report on each grant certifying and detailing all expenditures of grant funds and describing how the grantee is or is not meeting its objectives. These reports shall be submitted semi-annually beginning six months after the award of the grant until the grant closing date.

(2)

Within 90 days of the completion of the project, a report providing an audit of the project prepared by a certified public accountant and a final report and project summary.

(M.C.S., Ord. No. 16,571, § 1(18B-6), 7-7-94; M.C.S., Ord. No. 17,080, § 1, 6-15-95; M.C.S., Ord. No. 17,967, § 1, 1-9-97; M.C.S., Ord. No. 22856, § 1, 10-18-07; M.C.S., Ord. No. 27922, 11-1-18, eff. 1-1-19)