A business shall be eligible to receive an annual Business Retention Grant payment if it satisfies all of the following terms and conditions:
(a) The business has a current annual payroll of $5,000,000 or more and is not classified as a retail business;
(b) The business commits to maintaining a minimum annual payroll of $5,000,000 for the life of the agreement;
(c) The business has been located in Stow for a minimum of ten years;
(d) The business is able to demonstrate to the City of Stow Planning and Economic Development Department that relocating their business out of Stow is being actively considered for reasons including but not limited to:
(1) A significant change in business ownership, organization, or structure;
(2) Inadequate commercial space for the business's current or planned future use; or
(3) Costly changes to the commercial lease(s) of the business.
The Planning and Economic Development Department shall base its finding of "active relocation consideration" on the unique facts and circumstances of the applicant on a case by case basis.
(e) Approval of the application via ordinance of City Council finding that issuance of the Business Retention Grant to the qualifying business applicant will result in significant benefits to the City of Stow, including but not limited to the projected retention or increase of tax revenues, projected level of investment in the Stow facility by the business, and the overall magnitude of the project.
(Ord. 2015-40. Passed 3-12-15.)