For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
“AGREEMENT.” Any binding signed document made pursuant to this chapter between the city and an approved company with respect to economic development within the city.
“APPLICANT.” A business or company whose employees are primarily engaged, or will be engaged, in retail, service, professional, administrative, or technical occupations, or a manufacturer, which business or manufacturer is located, or proposes to locate its business, in the city, and which commits by agreement to maintain existing jobs in the event that the business has a reasonable probability of relocating outside the city, or create a minimum number of new jobs and annual payroll within the city as hereinafter provided. An applicant shall not include sexually oriented businesses or businesses that are primarily engaged in the sale of alcoholic beverages.
“APPLICATION.” The forms and information submitted to the city for the purposes of receiving consideration for the benefits made available by this chapter.
“APPROVED COMPANY/BUSINESS.” An applicant that is recommended by the Finance Committee and approved by the City Council to have qualified for an incentive.
“APPROVED COMPANY'S/BUSINESS'S EMPLOYEES.” The full or part- time employees of an approved company who perform work within the city and are subject to the city's occupational license fee as set forth in Chapter 110
of this code.
“CITY.” The City of Flemingsburg, Fleming County, Kentucky.
“COMMENCEMENT DATE.” The date that the incentive is first available to the approved company as provided in the agreement.
“INCENTIVE YEAR.” The 12-month period beginning on the commencement date, and each 12-month period thereafter during the term for which the incentive is available to the approved company.
“INCENTIVES.” Matching grants for improvements, waivers of permit fees, waiver of utilities connection fees, and the reduction in the rate and/or credits for the occupational license fees, awarded to an approved company/business under the provisions of this chapter to reduce the sums otherwise owed by an approved company/business and/or its employees in consideration for the approved company/business locating within the city's boundaries and creating new jobs.
“NEW JOBS.” Service, technology, manufacturing, or other jobs that previously did not exist in the city and which result in taxable wages of employees of the applicant as a result of the ongoing operation of an approved company's business.
(Ord. 10-17-1, passed 10-9-17)