As used in this Chapter, the following terms mean:
(a) "Eligible Applicant" means any privately-owned business enterprise located within the corporation limits of the Village of Forest that employs personnel on a full-time permanent basis and compensates employees by the payment of wages, salary or other compensation that is subject to municipal taxation under Chapter 161 of the Codified Ordinances.
(b) "Eligible Job" means an employment position that is reasonably anticipated to be filled 35 or more hours per week and is compensated by:
(1) Payment of hourly wages, exclusive of overtime compensation, at a rate not less than 150% of the federal minimum wage in effect at the time application is made to participate in the Job Creation Incentive Program;
(2) Payment of an annual salary, exclusive of performance bonuses, overtime compensation, or other irregular compensation, equal to or exceeding 150% of the federal minimum wage in effect at the time application is made to participate in the Job Creation Program multiplied by 2,080 employment hours per year; or
(3) Payment of sales commissions or other performance based compensation reasonably anticipated to generate annual earnings equal to or greater than the minimum salary requirement established by division (b)(2) of this Section.
(c) "Eligible Project" means a proposal to establish or expand a privately-owned business enterprise within the corporation limits of the Village of Forest in any manner that is reasonably anticipated to result in the creation of ten (10) or more eligible jobs and payment of aggregate new annual payroll to persons employed in those jobs of two hundred fifty thousand dollars ($250,000) or more per year.
(Ord. 1900. Passed 8-11-16.)