As used herein the following terms shall mean:
(a) "New employee" means a person who is hired and employed in a new business or annexed business who was not previously employed within the corporate limits of the City by such business. A new employee must be employed at least 160 hours per month at a wage not less than the federal minimum wage or must work for at least six months during the taxable year.
(b) "New job" means a full time job which did not exist in the business of the taxpayer within the corporate limits of the City prior to qualified investment being made, provided this job is directly attributable to the qualified investment and is filled by a new employee as defined herein. Further, the full time job must be attributable to the project either as an employee of the entity receiving the grant or an associated entity created wholly as the result of the project.
(c) "Infrastructure improvements" include water. sewer, storm sewer, roads, bridges, streetlights and all other utilities.
(d) "Investment" shall mean expenditures made for income-producing assets including but not limited to property acquisition, infrastructure, equipment, contracted labor, materials or executed lease agreement.
(Passed 3-28-16)