For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AGREEMENT. Any agreement made pursuant to this chapter between the city and an approved company with respect to an economic development project.
APPLICANT. A business whose employees are primarily engaged or will be engaged in retail, professional, administrative or technical occupations, or a manufacturer, which business or manufacturer is located, or proposes to locate its business, in the city, and which commits by agreement to create a minimum number of new jobs and annual payroll within the city as hereinafter provided. An APPLICANT shall not include sexually oriented business or businesses that are primarily engaged in the sale of alcoholic beverages. An APPLICANT may also be a company who has made investment and/or created infrastructure making it possible for the aggregate of other employers to meet the minimum requirements of 100 jobs and/or $5,000,000 in additional payroll.
APPROVED COMPANY. An applicant that the Mayor deems to have qualified for an incentive.
APPROVED COMPANY'S EMPLOYEES. The full-time or part-time employees of an approved company who perform services within the city and are subject to the city's occupational license or an occupational license fee from which the city benefits by way of interlocal agreement with Shelby County government.
COMMENCEMENT DATE. The date that the incentive is first available to the approved company as provided in the agreement.
INCENTIVE. The city is currently party to an interlocal agreement with the Shelby County Fiscal Court in regard to sharing of occupational license fees collected by the Shelby County Fiscal Court on entities in the city. The Shelby County Fiscal Court currently collects fees at the rate of 1%. The city currently has its own occupational license tax ordinance (Ordinance No. 2016-001) which assesses fees in the amount of one half of one percent (0.5%) on applicable entities. The amount of any incentive pursuant to this chapter shall be calculated pursuant to § 115.04. The INCENTIVE shall be refunded to the approved company at the end of each incentive year for a term not to exceed five years, provided the approved company agrees to operate its business within the city or forfeit and repay to the city its incentive should it relocate or cease to comply with the terms hereof or with its incentive contract prior to expiration of the agreed upon term. Provided, however, the incentive addressed hereby may be available to a company even if it is not the employer withholding said taxes if the approved company has made investment and/or created infrastructure making it possible for the aggregate of other employers to meet the minimum requirement of 100 jobs and/or $5,000,000 in additional payroll.
INCENTIVE YEAR. The 12-month period beginning on the commencement date, and each 12 month period thereafter during the term for which the incentive is available to the approved company.
(Ord. 2013-007, passed 6-4-2013; Am. Ord. 2020-005, passed 3-17-2020; Am. Ord. 2021-005, passed 9-7-2021)