CHAPTER 121: ECONOMIC DEVELOPMENT INCENTIVE PROGRAM
Section
   121.01   Definitions
   121.02   Establishment of incentives
   121.03   Program terms, conditions, requirements and exclusions
Cross-reference:
   New Job Incentive Program, see Chapter 124
§ 121.01 DEFINITIONS.
   The following definitions shall apply unless the context clearly indicates or requires a different meaning.
   “AGREEMENT.” Any mutually agreed contract or commitment made pursuant to the requirements of this chapter between the city and any individual, company, person or entity with respect to an economic development project involving a vacant, dilapidated, substantially unoccupied or underutilized building.
   “APPLICANT.” Any property owner(s) who rehabilitate, and/or make personal property investment for commercial use and create new jobs in vacant buildings and have an acceptable development plan that has been approved by all city entities, officers, staff and subdivisions with jurisdiction.
   “ELIGIBLE PROPERTY.” Any commercial property that is vacant, dilapidated, substantially unoccupied or underutilized and that otherwise meets the requirements and conditions of this chapter.
(Ord. 2011-02-03, passed 3-3-11)
§ 121.02 ESTABLISHMENT OF INCENTIVES.
   (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)
§ 121.03 PROGRAM TERMS, CONDITIONS, REQUIREMENTS AND EXCLUSIONS.
   (A)   Only property that has been vacant and/or deemed underutilized or dilapidated by the city for a period of not less than twelve (12) months shall be eligible for the program created by this chapter.
   (B)   Property must be renovated according to all federal, state, and local requirements with a minimum investment in the rehabilitation equal to or greater than fifty percent (50%) of the listed Campbell County Property Valuation Administrator’s assessed value at a price immediately prior to the purchase of the property.
   (C)   Applicant must be in good standing with all city taxes, loans, zoning and other obligations to the city.
   (D)   Applicant must comply with all terms listed in its approved development plan.
   (E)   Buildings must be within the city’s registered National Register of Historic Properties or be eligible to be included in the Register.
   (F)   A vacant property reimbursement request form shall be submitted annually to the city’s Clerk/Treasurer by the date specified on the form. The applicant businesses shall meet the minimum threshold of taxable income annually to receive the rebate.
   (G)   The relocating business shall not be eligible if by its nature it restricts public access, is a sexually oriented business, tavern, liquor store, pawn shop or would in the discretion of the city otherwise adversely impact the economic health or community welfare.
   (H)   The City Administrator shall have authority to add or include additional requirements necessary to implement and further the specific purposes of this chapter.
   (I)   The city shall have the right, at its sole discretion, to make a case by case determination of eligibility, based on the criteria listed in this program.
(Ord. 2011-02-03, passed 3-3-11)