(A) To the extent any applicant creates or retains a minimum of 25 jobs ("Jobs"), and creates or retains a minimum annual payroll of $2,500,000 that is subject to the city's occupational license fee ("Payroll") within any given year as provided in the agreement, the applicant shall qualify for an incentive. The incentive will continue for the authorized term of up to five or ten years, as applicable, provided that the approved company maintains or exceeds the jobs and payroll requirement during any particular successive year, and otherwise is in compliance with the terms of the agreement.
(B) 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 or her approval, on a form prescribed by the Mayor, and will 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 the terms and conditions within the agreement as he 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).
(C) If the approved company does not comply with the agreement by failing to create jobs and/or payroll within any particular year during the term of the agreement, then the approved company shall not receive the incentive for that year.
(Ord. 2011-05, passed 4-5-11; Am. Ord. 2011-09, passed 7-11-11)