To those participants who meet the criteria established by the program (as determined by the Village of Hicksville) the following shall apply:
(a) Any applicable, refundable tax credits, authorized by this program shall be established through a written Job Creation Agreement between the Village and each participant.
(b) Each agreement shall be separately authorized by an ordinance of the Village of Hicksville.
(c) The maximum Job Creation Tax Credit will be fifty percent of the Village Income Tax withheld on the qualifying new jobs. This is a refundable credit against the participant's Village of Hicksville payroll income tax. The percentages of income tax credits and the different terms of the program applicable based upon the amount of new jobs and new payroll is further set forth on "Exhibit A".
(d) The Job Creation Tax Credit shall only apply to income taxes actually collected from the qualifying new jobs.
(e) The maximum term of the Job Creation Tax Credit to be created under this program shall be ten years.
(f) Any failure of the participant to comply with the terms and conditions of this program and the Job Creation Income Tax Credit Agreement to be executed by the parties may result in the loss of subsequent tax credits for the duration of the agreement as authorized by the Village Council.
(g) The acceptance of benefits under this program from the Village of Hicksville will require a contractual commitment on the part of the applicant to substantially maintain the subject project operations in the Village of Hicksville for a period of time equal to a ratio of one year per approved tax credit year (example: ten years of jobs tax credit grant equals a ten year commitment to remain in Hicksville). If the applicant fails to abide by this commitment, the Village of Hicksville may require the applicant to reimburse the Village of Hicksville 100 percent of said tax credit benefits paid to the applicant in relation to the approved project.
(Ord. 2008-09. Passed 11-17-08; Ord. 2014-04. Passed 3-17-14; Ord. 2019- 05. Passed 5-20-19.)