(A) Any person relocating a business to the city that will create new jobs and generate a minimum payroll of five hundred thousand ($500,000.00) may be granted a rebate of up to fifty percent (50%) of the city’s payroll tax collected from the new jobs if that business relocates to an eligible property. The duration and commencement date of any rebate incentive period under this section shall be determined by agreement, but shall under no circumstances exceed ten (10) years in duration.
(B) Any person relocating a business to the city that will create new jobs and generate a minimum payroll of between three hundred thousand ($300,000.00) to four hundred ninety-nine thousand ($499,000.00) may be granted a rebate of up to fifty percent (50%) of the city’s payroll tax collected from the new jobs if that business relocates to an eligible property. The duration and commencement date of any rebate incentive period under this section shall be determined by agreement, but shall under no circumstances exceed five (5) years in duration.
(Ord. 2011-02-03, passed 3-3-11)