(A) To the extent any applicant: (1) creates through relocation to the city; an annual payroll of at least $2,000,000 and commits in writing to maintain that amount for two years from the Commencement Date; and (2) commits in writing to make capital improvements of at least $500,000 within the city within two years from the date of the submission of the application submitted in accordance with division (B), the applicant shall qualify to apply for an incentive. Such incentive will continue for the authorized term of up to two years, provided that the approved company maintains or exceeds these requirements during any particular successive year, and otherwise is in compliance with the terms of the agreement.
(B) Reserved.
(C) In order to be eligible to receive an incentive, an applicant must first submit a signed application to the Mayor of the city, for his/her approval, on a form prescribed by the Mayor, and shall provide any additional information reasonably requested to enable the Mayor to evaluate the application. If an application is accepted, the agreement will be executed by the Mayor on behalf of the city and the approved company. No approved company will be eligible to receive an incentive until the agreement has been properly executed. The Mayor is entitled to include such terms and conditions within the agreement as he/she deems appropriate to ensure that the city receives the full value of any benefits to be gained, including, without limitation, provisions requiring continuing operation within the city for a period beyond the incentive period, provisions for reimbursement of incentives and potential penalties not to exceed 50% of the incentives offered in the event of default by the approved company, and appropriate conditions precedent to the triggering of incentives to ensure the city receives the full revenue and job benefits deemed appropriate, within the limits set forth in division (A). The applicant's first year, for the purpose of this subchapter, shall begin on the date provided in the agreement, but no later than six months from the date of execution of the agreement by the city and the applicant.
(D) If the approved company does not comply with the agreement by relocating outside of the city, failing to create jobs, failing to generate payroll within any particular year during the term of the agreement, or failing to make required capital improvements, then the approved company shall not receive the incentive for that year.
(Ord. 2021-01, passed 5-3-21)