(a) With the exception noted below, an eligible grant recipient will receive an annual grant payment equal to no more than twenty-five percent (25%) of the total new annual payroll taxes paid to the City of Stow for the duration of the City of Stow Income Tax Grant Program Agreement. The duration of the agreement may not exceed the lease term if the owner/business is leasing space. Maximum duration of an agreement and property tax exemption eligibility in conjunction with this program is dependent upon annual payroll as committed to by the owner/business in year 3 of the agreement and is indicated in the following schedule:
Total Annual Payroll | Outside Tax Sharing Area | Inside Tax Sharing Area | ||
Maximum Length of Agreement | Eligible for Property Tax Incentives | Maximum Length of Agreement | Eligible for Property Tax Incentives | |
$500,000 to $750,000 | 3 Years | No | N/A | No |
$750,001 to $1,000,000 | 5 Years | No | N/A | No |
$1,000,001 to $2,000,000 | 6 Years | No | N/A | No |
$2,000,001 to $3,000,000 | 7 Years | No | 7 Years | No |
$3,000,001 to $4,000,000 | 8 Years | Yes | 8 Years | Yes |
$4,000,001 to $5,000,000 | 9 Years | Yes | 9 Years | Yes |
$500,001 and up | 10 Years | Yes | 10 Years | Yes |
(b) Council may at its discretion, approve a schedule of grant benefits that differs from the above schedule, if it is determined that the overall benefits to the City of Stow are potentially greater if a variation to the above schedule is used to determine a schedule of grant benefits for a particular company. In all cases the total benefit to be received by the company shall not exceed by 5% the benefit that would be available using the above schedule. If Council approves a variable schedule of benefits, the company may be required to commit to maintaining the annual payroll at the Stow project site for a period that would coincide with the time period in Section 196.03, Schedule of Grant Benefits. Legislation that is outside the schedule of grant benefits must specifically be noted as such.
(Ord. 2013-189. Passed 12-12-13.)