Upon approval by the Clovis city commission, the city and the applicant will enter into a project participation agreement which shall set out:
A. The contributions to be made by each party to the participation agreement;
B. The security provided to the city by the qualifying entity in the form of a lien, mortgage or other indenture and the pledge of the qualifying business’s financial or material participation and cooperation to guarantee the qualifying entity’s performance pursuant to the project participation agreement;
C. A schedule for project development and completion, including measurable goals and time limits for those goals;
D. Provisions for performance review and actions to be taken upon a determination that project performance is unsatisfactory;
E. Specific procedures to determine success and methods for recouping investment in the event an economic development project is determined to be unsuccessful, or if a qualifying entity seeks to leave the area. (Ord. 1498-96 § 7, 1996).