(a) In order for a business to remain in compliance with the Income Tax Incentive Program they shall cooperate with the Program Oversight Committee and the Municipal Treasurer and provide not less than the following information:
(1) An annual progress report documenting the number of employees and payroll at the incentive site as well as Citywide, signed by the employer's Chief Financial Officer.
(2) A copy of the business’s municipal tax return shall be provided.
(3) Any other relevant information requested by the Program Oversight Committee or the Municipal Treasurer.
(b) This information shall be compared to base year figures and projected new employment and payroll from the original application to verify performance and determine the incentive amount for that year.
(c) Any additional information requests by the Program Oversight Committee or the Municipal Treasurer must be submitted by the business within thirty (30) days of the request or the business will be terminated from the Income Tax Incentive Program.
(d) The City of Salem reserves the right to require an independent audit of the employer's employment, payroll and tax records to verify reported figures at the employer's expense.
(Ord. 210119-01. Passed 1-19-21.)