(A) Any business undertaking an eligible relocation project that will create new jobs in the city and generate a minimum annual payroll of six million dollars ($6,000,000) may be granted a rebate of up to 60% of the payroll tax collected from the new jobs attributable to the eligible relocation project. The duration and commencement date of any rebate incentive period under this section shall be set forth in a written agreement, but shall not exceed ten (10) years from the effective date of the agreement.
(B) Any business undertaking an eligible relocation project that will create new jobs in the city and generate a minimum annual payroll of two million dollars ($2,000,000) may be granted a rebate of up to fifty percent (50%) of the payroll tax collected from the new jobs attributable to the eligible relocation project. The duration and commencement date of any rebate incentive period under this section shall be set forth in a written agreement, but shall not exceed ten (10) years from the effective date of the agreement.
(C) Any business undertaking an eligible relocation project that will create new jobs in the city and generate a minimum annual payroll of between one million dollars ($1,000,000) and one million nine hundred ninety-nine thousand nine hundred ninety-nine dollars ($1,999,999) may be granted a rebate of up to forty percent (40%) of the payroll tax collected from the new jobs attributable to the eligible relocation project. The duration and commencement date of any rebate incentive period under this section shall be set forth in a written agreement, but shall not exceed ten (10) years from the effective date of the agreement.
(D) Upon the Commonwealth of Kentucky's approval of an application for the benefits and incentives available to an applicant under the Commonwealth of Kentucky'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 up to fifty percent (50%) of the payroll tax collected from the new jobs attributable to the eligible project for a term not to exceed ten (10) years from the date of activation of an incentive program.
(E) Any existing business within the City of Elsmere that generates a minimum payroll of at least five hundred thousand dollars ($500,000) and that will undertake an eligible expansion project may be granted a rebate of up to sixty percent (60%) of the payroll tax collected from the new jobs attributable to the eligible expansion project provided that the expansion project (i) creates at least fifteen (15) new full-time jobs; and (ii) includes a documented investment of at least five hundred thousand dollars ($500,000) in leasehold or building improvements. The duration and commencement date of any rebate incentive period under this section shall be determined by a written agreement, but shall not exceed ten (l0) years from the effective date of the agreement.
(Ord. 1645-2012, passed 10-23-12; Am. Ord. 1800-2021, passed 2-9-21)