An entity receiving a Business Retention Grant will receive an annual grant payment equal to a maximum of twenty-five percent (25%) of the total retained annual payroll taxes paid to the City of Stow for the duration of the City of Stow Business Retention Grant Agreement. Retained annual payroll as used herein shall be defined as the prior years' total annual payroll as reported to the City of Stow Income Tax Division. The maximum duration of an agreement will be based upon the schedule below.
Schedule of Available Benefits | |
Total Retained Annual Payroll | Maximum Length of Agreement |
$5,000,000 - $7,000,000 | 3 Years |
$7,000,000 + | 5 Years |
Grant recipients may apply for a second term renewal if, in the final year of the initial term, the business's retained annual payroll has increased over the life of the initial term by at least twenty five percent (25%), or the business's retained annual payroll exceeds $8,000,000. All renewal agreements shall be contingent upon the approval of City Council in accordance with Section 198.02(e). Grant recipients shall be ineligible to apply for a third retention grant agreement following the expiration or termination of the second retention agreement.
(Ord. 2015-40. Passed 3-12-15.)