Business license fee and tax reimbursement grants are subject to the following conditions and provisions:
(A) Eligibility period.
(1) Businesses located within a Key Development Area and in alignment with the Target Clusters are eligible for reimbursement grants for a period not to exceed five years in accordance with the schedule provided in division (C)(1) herein;
(2) Businesses in alignment with the Target Clusters, but not located in a Key Development Zone, are eligible for reimbursement grants for a period not to exceed two years in accordance with the schedule provided in division (C)(2) herein.
(B) The incentive schedule in division (C) are subject to the following limitations and restrictions:
(1) Incentives shall correspond with anticipated tax revenues as provided by applicant and as required by § 117.04;
(2) Applicants meeting at least 90% of anticipated tax revenues may be reimbursed the full amount of the business license tax due;
(3) Applicants meeting 75% - 89.999% of anticipated tax revenues may be reimbursed at 75% of the business license tax due; and
(4) Applicants failing to meet at least 75% of anticipated tax revenues may not be reimbursed for the year but are eligible to resume the reimbursement schedule the following year.
(C) Reimbursement schedule.
(1) Businesses located within a Key Development Area and in alignment with the Target Clusters are eligible for reimbursement grants for a period not to exceed five years:
(a) Year 1 and 2: up to 100% Reimbursement of Business License Taxes.
(b) Year 3: up to 75% Reimbursement of Business License Taxes.
(c) Year 4: up to 50% Reimbursement of Business License Taxes.
(d) Year 5: up to 25% Reimbursement of Business License Taxes.
(2) Businesses in alignment with the Target Clusters but not located in a Key Development Zone are eligible for reimbursement grants for a period not to exceed two years:
(a) Year 1: Up to 100% Reimbursement of Business License Taxes.
(b) Year 2: Up to 50% Reimbursement of Business License Taxes.
(D) Additional limitations and restrictions. Reimbursements will be issued following successful completion of identified annual criteria and upon approval by town staff following a written request. The reimbursements will be issued after June 1 and before June 30 of each year for the company's business license period.
(Ord. 22048, passed 8-12-22)