Unless the context clearly indicates or requires a different meaning, the definitions set forth below shall apply in these guidelines:
(a) NEW JOBS. Shall mean eligible new employees that have not previously existed in the City of Loveland and are associated with a Qualifying New Payroll that are approved and certified as new sources of City of Loveland income tax and are intended as permanent.
(1) 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 that is either relocating to, or already located within the City of Loveland.
(2) A new job is intended as a permanent, full-time or full-time equivalent, non-retail, private sector job, designed by the employer to last for five (5) or more years.
(3) A full-time equivalent is defined as a job consisting of 2080 hours in a year. Full-time equivalents can include two part-time jobs which average 1040 hours each for the year and combined would be classified as one full-time equivalent position.
(4) New Jobs does not include an employee who was previously employed by the enterprise within the last two (2) years. This means wages of an employee who was laid off will not be considered "Qualifying New Payroll".
(5) New Jobs may include jobs created within the City of Loveland by businesses not previously located within the City and relocating to within City corporation limits, or can also include jobs created by an existing employer within the City of Loveland as part of a business expansion project, provided the new jobs meet the requirements stated in Section 1327.02
(1)-(4) above
(b) QUALIFYING NEW PAYROLL. Shall means the dollar amount of the employer's additional gross local wages subject to the City of Loveland's income tax and attributable to the creation of New Jobs in the City of Loveland.
(1) To be approved, the Qualifying New Payroll must be equal to a minimum of two hundred fifty thousand dollars ($250,000) and ten (10) new jobs. Qualifying New Payroll jobs must pay a wage rate at, or above, 200% of the Federal Minimum Wage.
(c) QUALIFIED BUSINESS. Shall mean any non-retail business located within the City of Loveland, or annexing in the City, that has qualified to participate in the Loveland Job Creation Incentive Program and has entered into an agreement with the City governing the terms and conditions of participation in the program. The determination for approval as a "qualifying business" shall be at the sole discretion of the City Manager.
(d) QUALIFYING CORPORATE NET EARNINGS. Shall mean the dollar amount of the actual taxable earnings attributable to qualifying businesses seeking incentive payments under the provisions of this Ordinance, and subject to the City of Loveland's income tax, as determined pursuant to the City of Loveland Municipal Income Tax Code, provided that the business is determined to be a qualifying business pursuant to Section 1327.02(c) of this Ordinance.
(Ord. 2022-125. Passed 12-13-22.)