Cypress Municipal Code Div. 4 Applications

Any prospective participant may apply to the city for financing pursuant to this article by filing an application with the city in such form and setting forth such information as the city may require in order to enable the city to evaluate the applicant, the project, its proposed costs and public benefits. All applications shall contain the agreement of the applicant to pay all expenses, legal or otherwise, which may be incurred by the city in connection with the processing of the application and the financing of the project.

(Ord. No. 729, § 1, 6-11-84)

Upon receipt of an application containing all required information, agreements and undertakings, the city council shall, at such time as is deemed convenient by it, review such application and any staff recommendations with respect thereto, in accordance with the procedures set forth in the rules and regulations. If the city council chooses to approve any application, it shall adopt a resolution in which it:

(1) Finds and determines that the proposed project described in the application:

a. Promotes the long-term employment of residents of the city and/or will significantly contribute to the maintenance, growth or expansion of the economic base of the city;

b. Constitutes a valid exercise of the police powers of the city, and serves a public purpose in which the city has a peculiar and unique interest; and

c. Substantially relates to a municipal affair of the city; and

(2) Accepts and approves such application and the participation of the city in the financing of such project, subject to the provisions of this article, the rules and regulations, and the conclusion of all proceedings undertaken to consummate such financing to the satisfaction of the city.

(Ord. No. 729, § 1, 6-11-84)

Notwithstanding section 28-37 hereof, at any time following receipt of an application, the city council may adopt a resolution stating the council's present intention to issue bonds to finance a project. Such resolution shall state the approximate location of the project, the approximate principal amount of the proposed financing, and the nature of the project and shall further generally describe the terms of bonds which may be issued to finance the same. In no event shall adoption of such resolution obligate the city to go forward with such financing.

(Ord. No. 729, § 1, 6-11-84)

§ 28-39. through § 28-41. (Reserved)