The following definitions shall apply unless the context clearly indicates or requires a different meaning:
"AGREEMENT." An agreement entered into between the city and any business receiving an incentive pursuant to the requirements of this chapter.
"APPLICANT." Any company that will create jobs in the city through the completion of an eligible expansion project or an eligible relocation project.
"ELIGIBLE EXPANSION PROJECT." Any project undertaken by an applicant in the city that will result in the creation of at least fifteen (15) new jobs and include a minimum documented investment of at least five hundred thousand dollars ($500,000) in building improvements or leasehold improvements.
"ELIGIBLE RELOCATION PROJECT." Any of the following (i) the relocation to the city of any business that meets the minimum payroll tax thresholds set forth hereunder to any commercial or industrial property that has been vacant, dilapidated, substantially unoccupied or underutilized for a period of at least twenty-four (24) months; (ii) the annexation of any commercial or industrial property into the city within the preceding twelve (12) months that will result in the addition of a business that meets the minimum payroll tax thresholds set forth hereunder; or (iii) the relocation to the city of any business that meets the minimum payroll tax thresholds set forth hereunder to any commercial or industrial building that was constructed within the preceding twenty-four (24) months that otherwise meets the minimum payroll tax thresholds set forth hereunder.
"PAYROLL TAX." The city's occupational license payroll withholding (commonly referred to as the city payroll tax).
(Ord. 1645-2012, passed 10-23-12; Am. Ord. 1800-2021, passed 2-9-21)