Eligible and approved property owners or lessors shall receive a reimbursement of a portion of City payroll taxes generated by employees locating in a newly rehabbed, previously vacant property or space. Property owners or lessors may qualify for up to 40% of the City's payroll tax from employees located in the property or space. The reimbursement shall be paid
annually to the property owner or lessor for a period of up to 5 years. Tax reimbursements must be used to assist with either tenant finish or rent reduction.
(Ord. O-2020-002, passed 2-24-2020)