(A) The following job creation based economic development incentives may be offered by the city to a qualifying business undertaking an economic development project.
1 – 50 new employees | 100% rebate of the payroll tax due for new employees for the first year and two-thirds rebate for the following two years; and 100% rebate of the net profit tax due for two years. |
51 – 100 new employees | 100% rebate of the payroll tax due for new employees for the first year and two-thirds rebate for the following four years; and 100% rebate of the net profit tax due for four years. |
101 or more new employees | 75% rebate of the payroll tax due for new employees for eight years; and 100% rebate of the net profit tax due for eight years. |
(B) The following economic development incentives may be offered by the city to new or existing businesses.
Reduction of water connection fees | 1 – 25 full-time employees: 50% fee reduction 26 – 50 full-time employees: 75% fee reduction Over 50 full-time employees: no connection fee |
Reduction of sewer connection fee | 1 – 25 full-time employees: 50% fee reduction 26 – 50 full-time employees: 75% fee reduction Over 50 full-time employees: no connection fee |
Waiver of building permit fees | 1 – 50 full-time employees: 50% fee reduction 51+ full-time employees: 75% fee reduction |
(C) Additional incentives:
(1) May be approved by the Mayor and the City Council on a case-by-case basis; and
(2) Additional incentives regarding water and/or sewer service shall be approved by the city’s Water and Sewer Commission.
(Ord. 220.29, passed 3-11-2021)