On the Commonwealth of Kentucky’s approval of an application for the benefits and incentives available to an applicant under the commonwealth’s economic development incentive programs that are provided through statutory authorization and otherwise, and that require the city’s participation, the city may offer a rebate to the applicant on all new Kentucky-resident jobs up to 1% of taxable payroll for a term not to exceed ten years from the date of activation of an incentive program. The incentive rate shall be based on the most recent payroll incentive evaluation factors. Alternatively, the city may offer up to 1% rebate to the applicant on all new jobs to the city provided the applicants agrees to a retention period equal to the same number of years as the incentive period. The business must remain in the city and meet all requirements of the agreement.
(1984 Code, § 116.05) (Ord. O-13-20, passed 8-11-2020)