The Village of Forest shall grant eligible applicants Job Creation Incentive Program assistance funded by the Village of Forest. Eligibility for the Job Creation Incentive Program shall be based upon a calendar year and not any fiscal year. The amount of the Job Creation Incentive Program Assistance grant that may be paid during each year and the term of the grant shall be dependent on the number of eligible jobs to be created by the eligible project shall be the percentage of new payroll tax as follows:
Number of Eligible Jobs Created | Term of Grant | New Payroll Tax |
10-25 | 3 years | 25% |
26-50 | 5 years | 35% |
51-99 | 7 years | 45% |
100 or more | 10 years | Negotiable |
(Ord. 1900. Passed 8-11-16.)