§ 119.02  ECONOMIC DEVELOPMENT INCENTIVES.
   (A)   Any person or entity relocating a business to the City of Elsmere from outside the city, or whose business is located in a commercial structure that has been annexed into the city, that will create new jobs and generate a minimum annual payroll of five hundred thousand dollars ($500,000) may be granted a rebate of up to 60% of the city's occupational license payroll withholding (commonly referred to as the city payroll tax) collected from the new jobs if that business relocated to an eligible property. The duration and commencement date of any rebate incentive period under this section shall be determined by a written agreement, but shall not exceed 10 years in duration.
   (B)   Any person or entity relocating a business to the City of Elsmere from outside the city, or whose business is located in a commercial structure that has been annexed into the city, that will create new jobs and generate a minimum payroll of between three hundred thousand dollars ($300,000) to four hundred ninety-nine thousand nine hundred and ninety-nine dollars ($499,999) may be granted a rebate of up to 40% of the City of Elsmere's Occupational License Payroll Withholding (commonly referred to as the city payroll tax) collected from the new jobs if that business relocated to an eligible property. The duration and commencement date of any rebate incentive period under this section shall be determined by a written agreement, but shall not exceed five years in duration.
(Ord. 1645-2012, passed 10-23-12)