§ 98-76. Economic development rider.

(a)

Purpose. The purpose of this economic development rider is to encourage development in the city's historic core.

(b)

Availability. The rider is available until rescinded by city ordinance. While in effect, same shall be extended, upon approved application therefore, to qualifying development within the H-1 district, and within a corridor extending eastward from the H-1 district along Main Street to Ravenwood Boulevard, said corridor lying 300 feet north and south from the centerline of east Main Street. (Main Street Corridor.) See Exhibit "A."

(c)

Applicability. Upon the request of the customer and acceptance by the city, the provisions of this rider will be applicable to customers who qualify as:

(1)

New development where no existing service has been established; or

(2)

Additional facilities of existing commercial customers (having a minimum projected annual increase, as determined by the city electrical director or his designee, of 20 percent over existing kilowatt demand); or

(3)

Existing commercial and residential structures that have been refurbished, where the estimated value of the refurbishment is at least 40 percent of the assessed value.

Request for service under this rider shall be accompanied by sufficiently detailed information to enable the city to determine, at its sole discretion, whether the new customer or additional/refurbished facilities meet the above criteria. All requests for service under this rider will be considered by the city; however, requests which do not conform to the purpose and availability of this rider as stated above will not be approved.

(d)

Incentive provisions.

Residential EDR: Residential development shall be exempt from service-extension fees (Municipal Code sections 98-75.1, 98-75.2) within the H-1 district, and Main Street Corridor.

Residential development permit fees in the H-1 district and Main Street Corridor shall be discounted from all applicable standard fee amounts by ten percent.

Commercial EDR: Commercial development shall be exempt from service-extension fees (Municipal Code sections 98-75.1, 98-75.2) within the H-1 district, and Main Street Corridor.

Commercial development permit fees in the H-1 district and Main Street Corridor shall be discounted from all applicable standard fee amounts by ten percent.

Qualifying commercial businesses shall receive discounted monthly electric utility rates for three years pursuant to the following schedule:

Fifteen percent first year;

Ten percent second year;

Five percent third year.

After the third year, this incentive provision shall cease. The economic development rider adjustment or discount is not applicable to penalties or other non-usage charges.

Effective date: This economic rider shall be deemed to have an effective date of July 1, 2008. The city administrator, or his designee, is hereby authorized to refund, to qualified applicants, any applicable EDR discounts earned on or after July 1, 2008.

(e)

Term. The city may discontinue the availability of this rider at any time.

(Ord. No. 08-23, 12-2-2008)