For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
“AGREEMENT.” Any agreement made pursuant to this chapter between the city and an approved company with respect to an economic development project.
“APPLICANT.” A business whose employees are primarily engaged in, or will be engaged in, professional, administrative or technical occupations, or a manufacturer, which business or manufacturer is located, or proposes to locate its business, in the city, and which commits by agreement to maintain existing jobs in the event that the business has a reasonable probability of relocating outside the city, or create a minimum number of 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 the Mayor deems to have qualified for an incentive.
“APPROVED COMPANY'S EMPLOYEES.” The full- or part-time employees of an approved company who perform services within the city and are subject to the city's occupational license fee as set forth in Chapter 110 of this code of ordinances.
“COMMENCEMENT DATE.” The date that the incentive is first available to the approved company as provided in the agreement.
“INCENTIVE.” At the Mayor's discretion, the incentive may be a reduction of 1% to 50% of the occupational license fees paid by the approved company's employees. Alternatively, if the approved company is withholding and paying the city the full amount of the occupational license fee from the approved company's employees pursuant to § 122.03(A)(2), then the incentive may be a refund of between 1 % and 50% of the occupational license fee. The city will refund the incentive to the approved company at the end of the incentive year, subject to the limitations of § 122.03 below. As well, upon agreement by the city and approved company, the incentive may be paid to any TIF district established by the city. The incentive will not extend for a period longer than ten 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. 02-14, passed 3-5-14)