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Res 2094 - Economic Incentive Policy COUNCIL BILL NO, 3032 RESOLUTION NO. 2094 A RESOLUTION APPROVING AN ECONOMIC INCENTIVE POLICY WHEREAS, the Woodburn City Council has considered and discussed the importance of creating an Economic Incentive Policy; and WHEREAS, the City Council has determined that an Economic Incentive Policy will create a framework for determining the appropriate incentives to offer prospective businesses locating or expanding within the Southwest Industrial Reserve Area (SWIR); and WHEREAS, after a thorough discussion of proposed Economic Incentive Policy by the City Council, it has been determined to be in the best interest of the City of Woodburn to adopt said policy as attached hereto in Exhibit A, NOW, THEREFORE, THE CITY OF WOODBURN RESOLVES AS FOLLOWS: Section 1. The City Council adopts the Economic Incentive Policy as set forth in Exhibit A attached. Approved as to form: 011__�*� City Attorney Date' Approved: 1: r'y n�Hi e y, Mor Passed by the Council Submitted to the Mayor iI Approved by the Mayor Mau a12:Qi:z Filed in the Office of the Recorder AAn 11 100 doo ATTEST: Heather 'Pierson, City Recorder City of Woodburn, Oregon Page 1 - Council Bill No, 3032 Resolution No. 2094 Exhibit A WOODBURN CITY COUNCIL POLICY STAEMENT REGARDING ECONOMIC DEVELOPEMNT, PUBLIC FINANCIAL INCENTIVES RELATED TO INDUSTRIAL DEVELOPMENT A. POLICY PURPOSE The purpose of this policy is to provide the Woodburn City Council and staff a framework for determining the appropriate economic incentives to offer developers or businesses locating or expanding within the City's Southwest Industrial Reserve Area (SWIR). 1. Each development project is different; therefore, incentives appropriate to one project may be very different than incentives appropriate to another. When considering the City advocacy or participation in any local, State or Federal economic development program, the City will consider each proposal on a case by case issue consistent with the General Incentive Parameters and Evaluation Criteria contained within this policy. 2. Incentives available to individual developments may include a wide range of tools, including expedited planning and permitting processes, property tax abatement, workforce development, infrastructure financing, and other local or state administered funding programs. 3. The City of Woodburn maintains the right to reject any economic development program, advocacy or support for public incentives at the sole discretion of the City Council and when it is found to be in the best interest of the City. No single decision to support economic development assistance will establish a precedent. 4. The City's role in subsidizing the cost of new development or redevelopment should be in recognition that the project would not move forward without the financial assistance of the City, State of Federal economic development assistance. Exhibit A 5. The amount of economic development assistance should be proportional to the quality and quantity of new full time jobs created, wages paid, benefits provided and the tax dollars generated. 6. The City's participation and advocacy for local, state or federal economic development programs will be predicated on the number of jobs, wages and benefits created as a result of the development. The short and long term finical viability, and the sustainability of City services and programs, will also be a consideration. B. GENERAL INCENTIVE PARAMETERS 1. Project must be able to show that it creates new professional, skilled or semi skilled full-time jobs. 2. Jobs created should pay an average livable wage based on local and county workforce data. 3. Generates new investment and tax dollars. 4. Incentive must be based on a defined gap between project costs and anticipated revenues. 5. Specific project milestones must be tied to incentives (i.e. number and type of jobs created and average wage, incremental new tax dollars generated). C. EVALUATION CRITERIA The City shall consider all aspects of a proposed project including: 1) Financial feasibility. 2) Type of project being proposed (i.e. manufacturing, warehousing, processing, etc.). 3) Quantity and quality of full-time jobs created. 4) Average wage of jobs created and benefits provided. 5) Amount of estimated new tax revenue generated. Exhibit A 6) Review of project costs, private sector financing, public improvement costs and gaps between available funding and total project costs. 7) Benefits to community beyond project site.