Section 5-9-6 - Enterprise zone plan; incentives and initiatives.
5-9-6. Enterprise zone plan; incentives and initiatives.
A. The enterprise zone plan shall include:
(1) a map of the enterprise zone;
(2) a narrative describing how the enterprise zone will eliminate economic distress in the enterprise zone;
(3) a description of local incentives and initiatives to be implemented in the enterprise zone;
(4) the concurrences of any other local government or nongovernmental entity involved in providing local incentives and initiatives;
(5) the termination date for the enterprise zone;
(6) a listing of properties within the enterprise zone to which the tax increment procedures authorized by the Enterprise Zone Act are to be applied;
(7) a boundary description of the enterprise zone;
(8) a list of street addresses contained in the enterprise zone; and
(9) any other information the local government requires by ordinance to be included in the plan.
B. The local incentives and initiatives to be implemented may use local funds and, to the extent permitted by law, funds from federal or state programs and may include:
(1) a reduction of taxes or fees applying within the enterprise zone when the reduction is permitted by law;
(2) programs to increase the level of efficiency of local services provided within the enterprise zone;
(3) preferences to be granted to businesses operating within the enterprise zone;
(4) mechanisms to increase the equity ownership of residents and employees of businesses operating within the enterprise zone; and
(5) methods to involve private entities, organizations, neighborhood associations and community groups in the enterprise zone.
C. At any time after an enterprise zone is designated, the local government may change the enterprise zone plan after public hearing on the proposed changes.