A qualifying business shall mean any corporation, partnership, limited liability company or sole proprietorship which derives its principal source of income from any of the state legislative requirements. A qualifying business need not be located within the territorial boundaries of the city if there is a clear economic benefit to the city.
To be considered for direct financial assistance under the program, an applicant must provide the following:
- A detailed description of the proposed project;
- A business plan, including employment and financial projections; current financial statements, financing requirements for the project, total project cost;
- A completed City of Central City Local Option Municipal Economic Development Program Application for Financial Assistance.
The city may receive information about the business which is confidential. State law authorizes cities and other public entities to maintain the confidentiality of business records which come into their possession.