(A) Property owners or lessors who rehabilitate a vacant property or space for commercial coworking or business incubator use are eligible.
(B) The property or space must have been significantly vacant (more than 50% of the total square footage) for a minimum of 6 calendar months prior to the time of making application. The City retains sole discretion to determine the extent of the qualifying vacancy.
(C) Each business located therein shall be required to have a valid and existing occupational license with the City at the time of application.
(D) Coworking spaces must have a minimum of 3 unique paying tenants or members. Tenants must have a valid arms-length relationship with the collaborative workspaces owners and operators and must demonstrate taxable payroll of existing clients of over $150,000 within 6 months of opening.
(E) There must be incurred operating costs, such as a rent or mortgage payment or an internal corporate charge back.
(F) They must offer at least one type of workspace, whether private office space, hot desks or dedicated desks.
(G) The tenants claimed in the application shall not already be approved by the City's Job Development Incentive Program.
(H) Coworking or business incubator spaces existing at the time of adoption may also be eligible if applications are made within 3 months of the adoption hereof if the following can be demonstrated:
(1) Taxable payroll of existing clients over $150,000; or
(2) Can demonstrate significant investment in previously vacant property. Investment will be deemed significant by the City.
(Ord. O-2020-002, passed 2-24-2020)