A company shall be eligible to receive an annual grant payment under the following terms and conditions.
(a) Any of the following three scenarios are proposed in association with a business occupying a vacant structure, building a new facility or business expansion:
(1) The owner/business will bring a current annual payroll to the City of Stow, excluding benefits, of at least $500,000. In order for a business to be eligible for an annual grant payment under this scenario, the site may not be located in the income tax sharing district with the City of Akron, and the owner/business does not apply for either Enterprise Zone or Community Reinvestment Area tax incentives.
(2) The owner/business will bring a current payroll of at least $2,000,000 excluding benefits. The building or land may be located in the income tax sharing district with the City of Akron and the owner/business does not apply for either Enterprise Zone or Community Reinvestment Area tax incentives.
(3) The owner/business will bring a current payroll of at least $3,000,000 excluding benefits, the site may be located within the income tax sharing district with the City of Akron and the building will be constructed on property eligible for a Community Reinvestment Area Tax Incentive Agreement.
(b) The owner/business agrees to maintain the existing payroll and new jobs for the period of the credit. Should the existing and/or new payroll decline from the level existing at the time of the initial agreement, the agreement may be discontinued. Failure of the owner/business to maintain existing and new payroll commitments two years in a row will result in a mandatory discontinuance of the agreement, and may result in the City of Stow seeking the repayment of all grant payments received through this program.
(c) In the event of an expansion of an existing building, the income tax grant payment shall be based upon the new payroll attributable to the expansion. In this situation, the annual payroll reported to the City of Stow the preceding year will be set in the agreement as the baseline payroll and any payments under this program shall be calculated upon the payroll over and above the baseline amount.
(d) The owner/business commits that it will comply with all laws and ordinances of the City of Stow
(e) The owner/business does not owe any delinquent taxes to the State of Ohio or any political subdivision of the State of Ohio.
(f) The City of Stow Income Tax Grant Agreement must be offered by the City prior to or within ninety (90) calendar days after the company has acquired or leased an existing vacant building.
(g) Retail and food service businesses are not eligible recipient.
(h) Council has made a determination prior to, or concurrent with, approving the Income Tax Grant Program Agreement that based upon the projected net tax revenues to the City of Stow, that the proposed agreement will result in significant benefits to the City of Stow. Significant benefits will be measured by projected net income and property tax revenues, level of investment and overall magnitude of the project.
(Ord. 2013-189. Passed 12-12-13.)
(Ord. 2013-189. Passed 12-12-13.)