(A) Unless the context clearly indicates or requires a different meaning, the definitions set forth below shall apply in this Chapter:
(1) “New Jobs” shall mean jobs that have not previously existed in the City or within its Central Business District, and are associated with a Qualifying New Payroll that are approved as new sources of City of Lima income tax and are intended as permanent.
(a) For a job to be considered as a new source of city income tax it must be determined by the City to be new work or a new position within the business, or a job newly located in the Central Business District.
(b) A new job is considered to be intended as permanent if it is designed by the employer to last for five (5) or more years
(2) “Qualifying New Payroll” shall mean the dollar amount of the employer’s additional payroll attributable to the creation of New Jobs in the City of Lima or New Jobs within the City’s Central Business District.
(a) To be approved the Qualifying New Payroll must be equal to a minimum of $200,000 up to a maximum of $4 million, annually.
(3) “Qualified Business” means any business which has qualified to participate in the Lima New Jobs Program and has entered into a contract with the City governing the terms and conditions of participation in the Program.
(4) “Qualified Owner” means any owner of real property located within the City upon which New Jobs will be created and who has entered into a contract with the City governing the terms and conditions of participation in the Program.
(5) “Qualified Developer” means any developer of real property located within the City upon which New Jobs will be created and who has entered into a contract with the City governing the terms and conditions of participation in the Program.
(6) “Incentive Payment” shall mean fifty percent (50%) of the amount derived by multiplying the City income tax rate times a Qualifying New Payroll.
(a) The minimum Incentive Payment shall be $1,500.00. It shall increase by increments of $150 for each additional $20,000 of Qualifying New Payroll up to a maximum Incentive Payment of $30,000.00.
(b) The Incentive Payment Schedule set forth in Appendix A depicts the Incentive Payment for each corresponding amount of Qualifying New Payroll between the minimum and maximum.
(c) In addition, any Qualified Owner, Qualified Business, or Qualified Developer within the City that employs or causes to be employed residents of the City in more than fifty (50) percent of the New Jobs associated with the Qualifying New Payroll, shall receive an additional one time incentive bonus of ten (10) percent for the first qualifying year.
(d) To the extent a Qualified Business or Qualified Owner or Qualified Developer creates or causes to be created a Qualifying New Payroll in excess of $4 million, the City may negotiate a contract for a different Incentive Payment individually with such owner and/or business and/or developer, subject to the approval of Council.
(7) “Central Business District” means that geographic area of the City bounded within the I&O Railroad Tracks on the North, the Ottawa River on the South, the CSX Railroad Tracks on the East, and Metcalf Street (encompassing both sides of the street) on the West.
(Ord. 025-06. Passed 1-23-06; Ord. 109-13. Passed 5-20-13.)