(A) Improvements to any property in conjunction with any eligible project must be made according to all federal, Kentucky, and local requirements and laws.
(B) To receive a rebate in accordance with any agreement, the applicable business must submit an Elsmere Economic Development Incentive Rebate Request Form annually to the City Clerk/Treasurer by the date specified on the form. Eligibility for any rebate will be determined by the city on an annual basis based on the city's records of payroll taxes actually collected from the applicable business. In the event a business does not satisfy the threshold for a rebate in any given year, then the city shall retain one hundred percent (100%) of the business's payroll tax for such year and the incentive term shall proceed.
(C) For each year that a business qualifies to receive an incentive in accordance with a corresponding agreement, the incentive for such year will be disbursed annually by no later than June 30 of the subsequent year based on the city's records.
(D) Applicants must be in good standing with all City of Elsmere taxes, loans, zoning requirements, and any other obligations to the city.
(E) Applicants must comply with all terms and conditions of any development plan approved by the City Council and the agreement.
(F) The following shall not be eligible for this program or incentives: A business that restricts public access, a sexually oriented business, tavern, liquor store, pawn shop, or business that is determined by the city to adversely impact the economic health and community welfare.
(G) The City Administrator shall have the authority to add or include additional requirements necessary to implement and further the specific purposes of this chapter.
(H) The City of Elsmere shall have the right, at its sole discretion, to make a case by case determination of eligibility, based on the criteria set forth in this chapter, including under this division. In determining the level of rebate and duration of term for any incentive granted hereunder, the city shall consider certain factors relating to the project, including but not limited to (i) any increase in real property taxes, tangible property taxes, or insurance premium taxes that the city will receive by virtue of the project; (ii) any other incentives that have been granted to the project and the terms of those incentives, including but not limited to the issuance of industrial revenue bonds; and (iii) the average salary for the new jobs created at the project site.
(Ord. 1645-2012, passed 10-23-12; Am. Ord. 1800-2021, passed 2-9-21)