(A) Standard. To the extent any applicant creates a minimum of 100 jobs ("jobs"), and/or creates a minimum annual payroll of $5,000,000 that is subject to the city's occupational license fee ("payroll") within any given year as provided in the agreement, the applicant shall qualify for an incentive. Such incentive will continue for the authorized term of up to five years provided that the approved company maintains or exceeds the jobs and payroll requirement during any particular successive year, and otherwise is in compliance with the terms of the agreement; or
(B) Kentucky Economic Development Finance Authority (KEDFA). To the extent any applicant qualifies for a Kentucky Business Incentive and Financial Program, administrated by the Kentucky Cabinet for Economic Development, the City Commission may issue approval of the incentive to the applicant by resolution, with the following exceptions:
(1) Employee benefit minimum requirement. At least 90% of the new, full-time Kentucky resident employees must receive total hourly compensation (hourly wages plus employee benefits) of at least 250% of the federal minimum wage.
(2) Term of agreement: up to ten years.
(C) In order to be eligible to receive an incentive, an applicant must first submit a signed request to the Mayor for his or her approval and will provide any additional information reasonably requested to enable the Mayor to evaluate the request. The Mayor shall evaluate each application to ensure it meets the criteria set forth herein. If an application is approved, the Mayor shall execute an agreement on behalf of the city and deliver to company. No approved company will be eligible to receive an incentive until the agreement has been properly executed. The Mayor is entitled to include such terms and conditions within the request as he/she deems appropriate to ensure that the city receives the full value of any benefits to be gained, including, without limitation, provisions requiring continuing operation within the city for a period beyond the incentive period, provisions for reimbursement of incentive and potential penalties not to exceed 50% of the incentives offered in the event of default of the approved company, and appropriate conditions precedent to the triggering of incentives to ensure the city receives the full revenue and job benefits deemed appropriate, within the limits set forth in division (A) of this section.
(D) The Mayor shall render a decision on the application within 60 days of its submission. Any decisions rendered by the Mayor shall be reported to the City Commission at the next meeting thereof.
(E) If the approved company does not comply with the request by failing to create jobs and/or payroll within any particular year during the term of the request, then the approved company shall not receive the incentive for that year.
(Ord. 2013-007, passed 6-4-2013; Am. Ord. 2020-005, passed 3-17-2020; Am. Ord. 2021-005, passed 9-7-2021)