The Job Creation Grant Program offer guidelines shall be as follows:
(a) The maximum Job Creation Grant will be for ten (10) years and will be based on new payroll projections of at least one million dollars ($1,000,000) or creation of at least fifty (50) new jobs or for existing businesses with the City of Bedford Heights on new payroll projections of at least five hundred thousand dollars ($500,000) or creation of at least ten (10) new jobs while retaining the existing employees and payroll. Total payroll (existing or originating and new) shall be used to determine the number of years of the grant program as determined by Bedford Heights City Council.
(b) If the company or business is leasing space, the number of years of the grant program may be limited from one-half up to the life of the lease term but shall not exceed the lease term up to a maximum of ten (10) years.
(Ord. 2006-057. Passed 3-21-06.)
(c) The annual percentage of the Job Creation Grant will be determined by Bedford Heights City Council and shall be equal to no more than one-half (½) of the total payroll taxes (or up to 1% of the 2% payroll tax) paid to the City of Bedford Heights for the duration of the Job Creation Grant Agreement, except that in year one of the Job Creation Grant the Council may grant up to one hundred percent (100%) of the total payroll taxes (up to 2% of the payroll tax) paid to the City of Bedford Heights. (Ord. 2010-021. Passe 2-2-10.)
(d) The amount of the Job Creation Grant will be calculated annually based on the performance of the company or business in meeting its payroll or employment projections for the previous year. The Job Creation Grant will be awarded according to the schedule below:
% of Annual Payroll Projection Met | % of Job Creation Grant Awarded |
90 -100% | Full Grant |
85 - 89% | 95% of the Grant |
80 - 84% | 90% of the Grant |
75 - 79% | 85% of the Grant |
Less than 75% | No Grant for that year |
(e) The amount of Job Creation Grant will be based on payroll taxes, reportable wages to the Regional Income Tax Agency (RITA).
(f) The company or business must retain the existing number of employees and base payroll and achieve at least 75% of the job creation projection in terms of employment or payroll for the previous year to receive a grant payment for that year. Job Creation Grant payments will begin the year following occupancy (or Year 1) and will terminate after December 31st of the last year in which a grant amount is paid.
(g) If the company or business exceeds its payroll projections, the amount of new payroll used as the basis for determining the annual grant payment in any given year shall not exceed 25% above the maximum projection for the entire project.
(Ord. 2006-057. Passed 3-21-06.)