(a) New Business. A for-profit business moving into the City and being located on light industrial or commercial property is eligible for an annual grant payment under the following conditions and terms:
(1) A Canal Fulton Job Creation Program Agreement (Program Agreement) must be offered by the City prior to the business moving to the City.
(2) The business will employ at least five full-time employees (or equivalent based on 2,080 hours per FTE) in the City that will result in at least one hundred seventy-five thousand dollars ($175,000) in annual payroll excluding benefits within a three-year period.
(3) The business is not receiving or applying for other tax incentive programs.
(4) The business agrees to maintain the agreed upon number of jobs brought into the City and maintain the agreed upon payroll for the term of the Program Agreement. In the event the agreed payroll is reduced, the Program Agreement may be terminated by the City or in the alternative, the credit will be reduced proportionately at the discretion of the City. Failure of the business to maintain the agreed upon payroll and jobs two years in a row will result in termination of the Program Agreement.
(5) The business agrees to comply with all laws and ordinances of the City of Canal Fulton.
(6) The business is not delinquent in payment of taxes to the State of Ohio or any political subdivision.
(b) Current Canal Fulton Business. A for-profit business currently located in the City on light industrial or commercial property is eligible for a one-time annual grant payment under the following conditions and terms:
(1) A Canal Fulton Program Agreement (Program Agreement) must be offered by the City prior to the business expanding its employee staff in the City.
(2) The business will create at least three new full-time jobs (or equivalent based on 2,080 hours per FTE) in the City that will result in at least one hundred five thousand dollars ($105,000) in annual payroll excluding benefits within a three-year period.
(3) The business is not receiving or applying for other tax incentive programs.
(4) The business agrees to maintain the agreed upon number of new jobs and maintain the agreed upon payroll for the term of the Program Agreement. In the event the agreed payroll is reduced, the Program Agreement may be terminated by the City or in the alternative, the credit will be reduced proportionately at the discretion of the City. Failure of the business to maintain the agreed upon payroll and new jobs two years in a row will result in termination of the Program Agreement.
(5) The business agrees to comply with all laws and ordinances of the City of Canal Fulton.
(6) The business is not delinquent in payment of taxes to the State of Ohio or any political subdivision.
(Ord. 41-21. Passed 12-21-21.)