(A) Any applicant locating new jobs within the boundaries of the city that will generate a minimum of new annual payroll of not less than $500,000 which payroll will otherwise be fully subject to the city’s occupational license fee (“Payroll”), may apply for the incentive. The approval of any incentive shall be conditional on supplying all required information and on an agreement containing all terms and conditions. No incentive shall exceed ten years in duration under any circumstance.
(B) If an approved company creates new jobs that generate annual payroll of not less than $500,000 and complies with all other requirements of this chapter, then the approved company shall qualify for an incentive as stated herein. Such incentive may only continue for the term specified in the agreement, but no incentive shall ever exceed ten years in duration. The schedule of incentive levels and minimum eligible payroll levels shall be:
(1) If an approved company will generate from $500,000 to $1,199,999 in new payroll and satisfies all other restrictions and requirements of the purpose and goals of this chapter, then it may be entitled to an employee withholding credit equal to 40% (i.e 1.5%) of the occupational licensing fees that would otherwise have been payable to the city in the absence of any incentive.
(2) If an approved company will generate $ 1,200,000 or more in new payroll and satisfies all other restrictions and requirements of the purpose and goals of this chapter, then it may be entitled to an employee withholding credit equal to 50% (i.e. 1.25%) of the occupational licensing fees that would otherwise have been payable to the city.
(Ord. 2013-03-01, passed 3-13-13)