The City of Stow Income Tax Grant Program provides a monetary grant to a business that occupies an existing industrial and/or office building in the City of Stow that is vacant, or constructs new industrial and/or office space in the City of Stow on land within Community Reinvestment Areas I or II. The appropriate authority for this type of program is consistent with the purposes of Section 13 of Article VIII of the Ohio Constitution to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the State of Ohio and the City of Stow. The grant is an annual payment from the City's non-tax (general fund) revenues equal to a portion of the income tax paid as a result of new employment.
(Ord. 2013-189. Passed 12-12-13.)