For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AGREEMENT. An agreement made pursuant to this chapter between the city and an approved business or building owner with respect to an economic development project.
ANNUAL PAYROLL. All compensation paid or payable by a business for work done or services performed or rendered in the city by every resident and non-resident who is an employee of that particular business, which is normally subject to the city’s occupational license tax pursuant to § 110.03(A)(1) including compensation in excess of the FICA cap provided for in § 110.03(B)(1).
APPLICANT. A business or building owner applying for incentives under this chapter.
AWARDEE. A business or building owner that has been approved for incentives under this chapter by the City Commission and has executed an agreement.
BASE TAXABLE PAYROLL. A businesses existing taxable payroll as calculated as of an agreed-upon date under an agreement.
BUILDING OWNER. A natural person, corporation, limited liability company, partnership or other entity that owns or has as similarly permanent interest in a building located within the city. For purposes of this section, any group of owners of a single building shall constitute a single BUILDING OWNER.
BUSINESS. A corporation, firm, partnership, limited liability company, sole proprietorship or similar entity engaging or intending to engage in commercial activity within the city. Accelerators, incubators and co-working spaces may constitute a single business for the purpose of applications and agreements under this chapter.
DEPARTMENT. The city’s Department for Economic Development.
ECONOMIC IMPACT ANALYSIS (EIA). Examines the effect of an event on the economy in a specified area. It usually measures changes in business revenue, business profits, personal wages and/or jobs. The economic event analyzed can include implementation of a new policy or project, or may simply be the presence of a business or organization. An ECONOMIC IMPACT ANALYSIS typically measures or estimates the change in economic activity between two scenarios, one assuming the economic event occurs, and one assuming it does not occur. An ECONOMIC IMPACT ANALYSIS is commonly conducted when there is public concern about the potential impacts of a proposed project or policy.
GOOD STANDING. A qualified and properly licensed business with a city occupational license for any and all city locations, are not in default of any prior or current agreements with the city, have not made or filed pending adverse claims against the city in the form of settlement demands and/or lawsuits, are not delinquent on its obligations to pay loans, fines, liens or other obligations owed to the city, and are in good standing with § 35.004 of this code of ordinances.
NEW ANNUAL PAYROLL. The annual payroll that is created by a business following, as a result of, or in anticipation of an agreement.
PAYROLL INCENTIVE EVALUATION FACTORS. Written criteria approved by City Commission used for evaluating the payroll incentives described in this chapter. The PAYROLL INCENTIVE EVALUATION FACTORS shall provide the criteria for staff to make recommendations on the percentage amount of any incentive described in this chapter. The PAYROLL INCENTIVE EVALUATION FACTORS shall be available to the public upon request. The city is hereby authorized to pass and update the PAYROLL INCENTIVE EVALUATION FACTORS via Commissioners’ order.
PROJECT. The commercial and industrial projects created by such combined efforts of the public sector and the private sector are known as economic development projects.
RETURN ON INVESTMENT (ROI). A performance measure used to evaluate the efficiency of an investment ROI tries to directly measure the amount of return on a particular investment, relative to the investment’s cost. To calculate ROI, the benefit (or return) of an investment is divided by the cost of the investment. The result is expressed as a percentage or a ratio.
TAXABLE PAYROLL. All compensation paid or payable in the city for work done or services performed or rendered in the city by every resident and non-resident who is an employee of a particular business, which is normally subject to the city’s occupational license tax pursuant to § 110.03(A)(1) or any other provision of this code. This definition shall not include any compensation that is exempt or otherwise not subject to the city’s occupational license tax.
(1984 Code, § 116.02) (Ord. O-13-20, passed 8-11-2020)