(a) The Program Oversight Committee shall develop and maintain an application input form that includes the following information requests:
(1) Verifiable employment figures necessary to determine eligibility for programs under consideration for applicant by the Program Oversight Committee.
(2) Projected number of new employees as a result of the proposed activity
(3) Description of activity to be considered for acceptance into an Income Tax Incentive Program by the Program Oversight Committee.
(4) An estimate of the cost of the activity to be considered for acceptance into an Income Tax Incentive Program by the Program Oversight Committee.
(b) The Program Oversight Committee shall manage the application process under the following general guidelines:
(1) Prior to, or within twelve (12) months of expanding a business, signing a lease or purchasing a building in the City of Salem an interested company must submit a completed City of Salem Income Tax Incentive Program application.
(2) The Program Oversight Committee will review the application and set employment parameters and limits to be applied to the applicant's entry to and continuation in program participation and reimbursement calculations.
(3) The Program Oversight Committee will make recommendations to the Economic Development Committee of the Salem City Council only if an applicant meets the eligibility requirements and there is a net benefit to City tax collections and City economic development. The Program Oversight Committee shall have full authority to determine whether an applicant meets the eligibility requirements and will provide a net benefit to the City tax collection and economic development.
(4) The Economic Development Committee of Salem City Council will make final recommendations to City Council.
(5) Salem City Council must approve each project. Salem City Council may deny application and admittance to any and all Income Tax Incentive Programs for any reason.
(6) When a business is admitted to the program, an employee roster will be filed with the Municipal Treasurer when the minimum number of employees described by the Income Tax Incentive Program eligibility requirements is reached. The employee roster filing will mark the start date in the Income Tax Incentive Program for the admitted business. The roster, along with subsequent requests for rosters, will include employee names, addresses and social security numbers for those employees considered in the program.
(7) Applications for the Income Tax Incentive Program shall be available by contacting the City secretary and shall be maintained in the office of the Municipal Treasurer. Applications shall be subject to modification by a majority of the Program Oversight Committee provided that no terms or requirements set out in the foregoing Ordinance are waived, modified or removed therefrom.
(Ord. 210119-01. Passed 1-19-21.)