§ 12-2. Findings and determinations.

The Mayor and City Council finds and determines that:

(1) there is a need for additional hotel facilities in the urban renewal areas of the City to provide a positive atmosphere for the tourism and convention businesses; and

(2) the authorization of a PILOT in connection with any lease of City-owned property entered into on or after January 1, 1998, for hotel facilities in an urban renewal area will substantially aid in achieving and encouraging economic development in the City.