(A) An applicant shall submit to the Director a completed Incentive Program application (in a form created/revised by the Finance Director/Economic Development Director), which shall include the following at a minimum:
(1) A description of the project, total project cost, sources of funding and purpose of the incentive application;
(2) A five-year pro forma, including the number of new jobs to be created, the wages, salaries, bonuses and commissions expected to be paid and the amount of Ashland employee withholdings expected to be generated by the new jobs;
(3) General information about company management capabilities, including resumes of top management and the company’s marketing strategies;
(4) Such financial and non-financial information about the applicant and/or its principals as is required by this subchapter or as otherwise deemed necessary by the Director or the Committee;
(5) Certification that the applicant is an equal opportunity employer and agrees that it shall not discriminate in hiring and employment because of race, creed, color, national origin, religion, sex, age or disability and that it shall comply with all federal, state and local equal opportunity policies and laws to ensure non-discrimination because of race, creed, color, national origin, religion, sex, age or disability.
(B) The Director shall review each application to verify the information submitted therewith and determine:
(1) Whether the application meets the Program eligibility requirements;
(2) The accuracy of the factual representations in the application and the applicant’s employment and financial projections;
(3) The amount of the incentive for which the applicant qualifies and the terms upon which the Director would recommend approval to the Committee;
(4) Special credit risks presented by the applicant or the project;
(5) Any and all other matters deemed appropriate to weigh the credit worthiness of the applicant, the Incentive Program application and the project.
(C) The Finance and Economic Development Directors may request additional information from the applicant at any time, or waive any listed criteria not believed necessary for consideration of the applicant’s request.
(D) After the Director’s review of the application, he or she shall submit it with his or her recommendations to the Committee for review. The Committee may request additional information from the applicant at any time. Following its review, the Committee shall either reject the application or recommend its approval. The incentive application shall be submitted to the Mayor for final approval.
(E) Upon such approval, the approved applicant and the city shall enter into a Program agreement which sets forth the terms of the grant of incentive and the obligations of each party.
(Ord. 2-2014, passed 12-12-13)