176.07 GRANT TERMS.

   All Grant Agreements shall contain the following terms:

   (a)   An agreement to maintain a specific Retained Annual Payroll for a stated number of years, not to exceed ten (10) years.

   (b)    A stated amount of grant payment to be made or a formula to determine the grant payment based upon Retained Annual Payroll.

   (c)    Acknowledgment that payments are payable only after the Retained Annual Payroll has been maintained for one calendar year.

   (d)    A schedule for grant payments during the term of the Agreement if Retained 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 Retained 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 of North Olmsted all grant payments received, if the Business relocates outside of the City of North Olmsted during the term of the Grant Agreement.
(Ord. 2016-76. Passed 8-16-16.)