(a) All categories of for-profit employer (an "employer") would be eligible for the Program: manufacturing, distribution, service, retail, recreational, medical, food service, and other for-profit enterprises which invest in and create full time equivalent ("FTE") jobs and generate additional payroll within the district.
(b) The employer must complete an application to the Council for approval.
(c) A FTE job is defined as a job that is at least thirty-five hours per week. New FTEs are not existing FTEs with new employees.
(d) The new employees must work within the City borders and the Council approval must be accomplished and an incentive agreement signed by the employer and Council before the creation of the eligible jobs.
(e) Council is required to vote to approve or deny an application by simple majority of Council within twenty-one days of receipt. Failure of Council to issue a decision on the application shall constitute a declination of the application. An applicant may request further consideration of a default declination in writing.
(f) Geneva has created an application and a sample incentive agreement, which would be submitted by the employer to Council.
(g) The credits will be based upon the new income taxes generated by the new employees within the district. The baseline or the previous income tax levels would be maintained. Failure to do so will make the employer ineligible for credits.
(h) The credits to the employer could be up to fifty to seventy-five percent for up to ten years as determined by Council within the parameters of the following matrix, depending upon the investment levels, job created, and competition for the project.
(i) The matrix for determining the level of credits is as follows:
(1) At least three hundred thousand dollars ($300,000) in new payroll of new employees equals fifty percent credit for five years.
(2) At least four hundred thousand dollars ($400,000) in new payroll of new employees equals sixty percent credit for seven years.
(3) At least one million dollars ($1,000,000) or more in new payroll of new employees equals seventy-five percent credit for ten years.
(Ord. 3163. Passed 3-9-15.)