(A) If, during any taxable year in which a tax credit is being taken, the average number of employees employed in positions directly attributable to the qualified investment is reduced by 10%, the tax credit created herein shall be forfeited for that year and for each eligible year thereafter where the number of employees remains 10% below the number of jobs created as a result of the qualified investment.
(B) No application for a tax incentive will be considered and no credit will be otherwise granted to any business who at the time the application is submitted, or any time during the life of the tax incentive program, is or becomes delinquent in payment of city business and occupation tax, city water and city sewer or city service fees.
(C) The City Manager shall be empowered by the City Council to rescind the above tax incentive program to any business that becomes delinquent in any of the above listed fees and after due notice fails to bring its account current.
(D) Financial institutions, public utilities, the local cable company and owners of residential and commercial rental property, including multi-family apartment units, are excluded from this credit program.
Tax Credit Year 1 | Tax Credit Year 2 | Tax Credit Year 3 | |
New business | 50% | 25% | 15% |
Expanding business | 100% | 50% | 25% |
(Prior Code, § 745.35) (Ord. passed 3-18-2000; Ord. passed 5-10-2000)