All Grant Agreements shall contain the following terms:
(a) An agreement to maintain a specific New Annual Payroll for a stated number of years, not to exceed ten years.
(b) A stated amount of grant payment to be made or a formula to determine the grant payment based upon New Annual Payroll.
(c) Acknowledgement that payments are payable only after the New Annual Payroll has been maintained for one calendar year.
(d) A schedule for grant payments during the term of the Agreement if New Annual Payroll is maintained.
(e) A requirement for the business to make an annual report on or before a specified date each year during the term of the Agreement stating the New Annual Payroll and all payroll generated within the City during the prior calendar year. A filing fee for the annual report is required.
(f) Provisions governing the termination of the Grant Agreement including a term that requires the business to return to the City all grant payments received, if the business relocates outside of the City during the term of the Grant Agreement.
(Ord. 2007-102. Passed 9-4-07.)