§ 16-47. Duties and powers.

The incentive review committee shall have the following duties and powers:

(1)

Review proposed project participation agreements that involve monetary assistance from the town and make recommendations to the town council to accept the agreement as proposed, to accept the agreement with recommended changes, or to reject the agreement;

(2)

Maintain a fair, impartial review process and evaluate the project participation agreement on its economic merits rather than on political considerations;

(3)

Approve the application form that guides the project participation agreement;

(4)

Review the staff's analysis of the impact of an agreement on the town;

(5)

Request the necessary information to perform due diligence on the project;

(6)

Recommend the contractual obligations of the town and of the applicant;

(7)

Perform annual reviews of participation agreements during the term of the participation agreement to verify that the qualifying entity is meeting its contractual obligations; and

(8)

Forward recommendations to the town council when the failure of performance on the part of a qualifying entity warrants agreement cancellation or enactment of callback provisions.

(Ord. No. 966, art. II, § 1, 12-12-1996; Ord. No. 1015, § 22-64, 2-23-1999; Ord. No. 1243 , 11-10-2015)