§ 28-2. Findings.

• (a) It is necessary and essential to the well-being of the city that it provide financial assistance to promote the economic development of the city and the resultant creation of employment opportunities for residents of the city.

• (b) A key component in the city's plan to revitalize the community is the expansion of the city's commercial and industrial base.

• (c) The availability of the financial assistance authorized by this article will serve the legitimate public purposes and municipal affairs of the city, and the general plan of the city, by providing private enterprise with new methods of financing capital outlays that are beneficial to the city and its residents and by ensuring that economic development within the city (1) will reflect the community's needs and objectives, and (2) will be environmentally optimum with respect to both the physical and social environment of the city.

• (d) The city can attract new beneficial private enterprise to the area and assist businesses currently in the area by issuing its revenue bonds to provide financing and refinancing for such enterprises.

• (e) Economic development within the city will serve the following public purposes and municipal affairs of the city:

  • (1) The full and gainful employment of residents of the city;

  • (2) The full and efficient utilization and modernization of existing industrial, commercial and business facilities;

  • (3) The development of new industrial, commercial and business facilities;

  • (4) The growth of the city's tax base through increased property values and consumer purchasing;

  • (5) The reduction of the need for and costs of welfare and other remedial programs;

  • (6) The reduction of urban ills such as crime attributable in part to inadequate economic opportunities;

  • (7) The stability and diversification of the city's economy;

  • (8) The lowering of the costs to city consumers of necessary goods and services;

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City of Cypress, CA

CYPRESS CODE

§ 28-2

§ 28-3

• (9) The environmentally optimum disposition of the resources and waste materials of the city; and

• (10) The enhancement of the general economic prosperity, and the health, safety and welfare of the residents of the city.

• (f) The utilization of local resources in stimulating the resurgence of private investment, and in promoting the growth and retention of employment opportunities within the city is of peculiar and unique concern to the City of Cypress.

• (g) The city can promote the public interest pursuant to this law without adversely affecting areas outside the city and without conflict with efforts by the State of California to solve problems of statewide concern. Encouraging industrial and commercial development pursuant to this article (1) promotes the public health, safety and welfare, and will improve the social, moral, economic and physical condition of the community; and (2) constitutes a municipal affair of the City of Cypress, a valid exercise of the police powers of the city, and a public purpose in which the city has a peculiar and unique interest.

• (Ord. No. 729, § 1, 6-11-84)