§ 16-14-040 — Purpose

16-14-040 Purpose.

The purpose of the Neighborhood Opportunity Fund is: (a) to promote growth within the downtown area through the floor area bonus provisions of Sec. 17-4-1000, and simultaneously generate new revenues for investment in business development and job growth in neighborhoods impacted by poverty, high unemployment, and other indicators of economic deprivation; (b) to strengthen neighborhood commercial corridors in Qualified Investment Areas; and (c) to address the decline of private investment in Qualified Investment Areas that damages the City’s overall economic competitiveness, impedes the sustainable and equitable development of the City as a whole, contributes to inequality and poverty, and has a detrimental effect on the City’s quality of life. (Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 5; Amend Coun. J. 7-17-24, p. 13743, § 3)