For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AGREEMENT. Any agreement made pursuant to this subchapter between the city and an approved company with respect to an economic development project.
APPLICANT. A business whose employees are primarily engaged or will be engaged in professional, administrative or technical occupations, or a manufacturer or logistics company, which business, manufacturer, or company proposes to locate its headquarters in the city, and which commits by agreement to create a minimum 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.
APPROVED COMPANY. An applicant that the Mayor deems to have qualified for an incentive.
CAPITAL IMPROVEMENT. Any addition or alteration to real property that: (1) fixes a defect or design flaw; (2) or creates an addition, physical enlargement or expansion; (3) or creates an increase in capacity, productivity or efficiency; (4) or rebuilds property after the end of its economic useful life; (5) or replaces a major component or structural part of the property; (6) or adapts property to a new or different use.
COMMENCEMENT DATE. The date that the incentive is first available to the approved company as provided in the agreement.
INCENTIVE. Up to 50% refund from the city, but in no case greater than $25,000 per year, for payment of the city gross receipts taxes that an approved company has remitted to Kenton County on behalf of the city pursuant to §§ 110.26 and 110.27 at the end of the incentive year, for a term not to exceed two years.
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.
(Ord. 2021-01, passed 5-3-21)