§ 19.30.070. Definitions.

For purposes of this chapter, the following terms shall have the following meanings.

Adds to long-term tax base means an increase in the assessed valuation of taxable property in the borough.

Bank-ready business plan means a business plan typically required by banks for loan applicants containing, at a minimum:

1)

a detailed description of the company and proposed project;

2)

a detailed description of the product or service to be rendered;

3)

a feasibility study including market opportunity, competition, trends, research and promotional strategies, management strategies including job creation, job descriptions, key personnel, and long- and short-term employment projections, detailed financial projections for the next five years;

4)

resumes of all managerial and significant technical personnel;

5)

financial statements of the company, including the current year and up to five previous years for any such years the company has been in business; and

6)

an analysis of how this project qualifies for direct borough support under this chapter, and a detailed description of the requested borough support.

Economic development means private sector expansion that creates permanent jobs, adds to the borough's long-term tax base, and results in enhanced economic activity and quality of life for borough residents.

Enhanced economic activity means an activity which increases job opportunities and otherwise encourages the economic growth of the borough including the development of its natural resources through the establishment and expansion of manufacturing, industrial, export, small business, and business enterprises and other facilities.

Enhanced quality of life means an improvement of community characteristics affecting lifestyles within the borough, based upon community standards as determined by the borough assembly with input from the community at large.

Permanent jobs means full-time equivalent jobs for five continuous years excluding construction jobs which are tied directly to the economic development project.

(Ord. No. 99-14, § 1, 4-6-1999)