(A) Application.
(1) An applicant shall submit its signed application for incentives under this chapter to the Department of Economic Development on forms provided by the Department and will provide any additional information reasonably requested to enable the Department to evaluate the application, including a copy of the proposed lease, letter of intent or purchase terms for the proposed business location.
(2) A non-refundable application fee of $1,000 is payable to the city upon submission of a signed application.
(3) Each request for incentives will be evaluated on an individual basis. All requests for local incentives will have an economic impact analysis (EIA) and/or a return on investment (ROI) calculation completed prior to consideration by staff. These will be used initially to determine the viability of the proposed project and must show a positive economic impact upon the city. The analysis will be performed for the number of years that equals the number of years the incentive recipient would be subject to monitoring and compliance provisions in the incentive agreement.
(4) All economic development incentives will be formalized in a written agreement between the city and the recipient business. At minimum, it will outline:
(a) Specific employment and capital investment targets, including:
1. Jobs created and payroll commitments;
2. Capital investment in real property;
3. Compliance with the non- incentivized retention period;
(b) Compliance with all applicable governmental laws, rules, ordinances and regulations; and
(c) Compliance with any conditions imposed by the Economic Development Incentive Agreement.
(5) If the Department of Economic Development recommends approval of an agreement and it is approved by the city’s Board of Commissioners, the applicant will provide the Department with an executed copy of any lease or purchase agreement prior to execution of the incentive agreement.
(B) Disbursement of incentives.
(1) All incentives provided for by this chapter shall be disbursed on an annual basis for the previous calendar year. With the exception of commonwealth incentives under § 123.05, an applicant’s first year in which incentives are provided shall begin on January 1 of the year provided for in the agreement, but no later than 18 months from the effective date of the agreement between the city and the applicant.
(2) An awardee that has executed an agreement pursuant to this chapter shall submit requests for reimbursement of incentives for the previous calendar year to the City Finance Department by April 30 of each year. The awardee shall use the form provided by the City Finance Department, and provide all necessary information for the City Finance Department to calculate the amount of the incentive. If the City Finance Department does not receive an awardee’s request for reimbursement by April 30 of any year, then the awardee shall forgo all reimbursements under this chapter for the previous calendar year.
(3) The City Finance Department, upon proper request by an awardee pursuant to division (B)(2) above, shall disburse incentives for the previous calendar year to the awardee by July 31 of the same year.
(4) An awardee shall not be eligible to receive incentives under this chapter for the previous calendar year unless it has paid in full all taxes owed pursuant to § 110.03 of this code and is in good standing with the city.
(C) Failure to comply. If an awardee fails to comply with the agreement or fails to meet the requirements of this chapter, the awardee shall not be eligible to receive any reimbursement provided for by this chapter that has not been disbursed at the time of noncompliance.
(D) Incentives may not be combined. The incentives provided for by this chapter may not be combined with any other occupational license incentive programs offered by the city without the approval of the Board of Commissioners.
(E) Prior incentives. Changing economic conditions and availability of funds may cause the city to modify, amend or discontinue any economic development incentive program. Incentives provided to a business under an agreement pursuant to prior version of this chapter shall remain in effect as originally agreed, unless this chapter clearly indicates otherwise.
(F) Compliance.
(1) Annual reviews will be conducted by economic development staff to establish compliance with the written agreement between the city and the awardee.
(2) For any out of compliance incentive, the Economic Development Director will schedule a business retention and expansion meeting with the awardee that has missed the contractual performance obligation. The Economic Development Director will then meet with the City Manager, City Solicitor and Finance Director to review and make recommendations on non-performing agreements.
(a) First occurrence. The city will not process a payment for that year, but the agreement will continue without modification for a one-year probationary period. The city will warn the business and notify it that it has one year to achieve its payroll expectations or the agreement will terminated.
(b) Second occurrence. After two consecutive or non-consecutive years of non- compliance, the city will terminate the contract due to non-performance and pursue the claw backs outlined in the agreement.
(3) Each fall, Economic Development and Finance will compile all active incentive agreements and provide a summary incentive report on actual performance and compliance. The City Manager will include recommendations to City Commission for any out-of-compliance agreement.
(1984 Code, § 116.03) (Ord. O-13-20, passed 8-11-2020)