(a) A business awarded a grant is eligible to receive an annual payment up to no more than fifty percent of the total new employee payroll taxes paid to the City of Canal Fulton for the duration of the Program Agreement. The duration of the agreement may not exceed the lease term if the business is leasing the building or part of the building housing that business. The maximum duration of each Program Agreement is dependent upon the annual payroll as set forth in the following schedule:
Total Annual Payroll | Duration (not to exceed) |
Total Annual Payroll | Duration (not to exceed) |
$175,000 to $500,000 | 3 years |
$500,001 to $750,000 | 4 years |
$750,001 to $1,000,000 | 5 years |
$1,000,001 to $2,000,000 | 6 years |
$2,000,001 to $3,000,000 | 7 years |
$3,000,001 to $4,000,000 | 8 years |
$4,000,001 to $5,000,000 | 9 years |
$5,000,001 and over | 10 years |
(b) An existing business awarded a grant is eligible to receive an annual payment up to no more than fifty percent of the total new employee payroll taxes paid to the City of Canal Fulton for the duration of the Program Agreement. The duration of the agreement may not exceed the lease term if the business is leasing the building or part of the building housing that business. The maximum duration of each Program Agreement is dependent upon the annual payroll as set forth in the following schedule:
Total Annual Payroll | Duration (not to exceed) |
Total Annual Payroll | Duration (not to exceed) |
$105,000 to $500,000 | 3 years |
$500,001 to $750,000 | 4 years |
$750,001 to $1,000,000 | 5 years |
$1,000,001 to $2,000,000 | 6 years |
$2,000,001 to $3,000,000 | 7 years |
$3,000,001 to $4,000,000 | 8 years |
$4,000,001 to $5,000,000 | 9 years |
$5,000,001 and over | 10 years |
(c) Grants may be awarded by the City on a first-served basis until the appropriated funds are depleted. Appropriations are based upon amounts authorized by City Council for the Program. Payments of grants in future years will be conditioned upon and subject to appropriations by City Council to be used for the Program grants. Individual program grants may not exceed fifty thousand dollars ($50,000) per year.
(Ord. 41-21. Passed 12-21-21.)