(a) A new business moving into Tallmadge creating new jobs within the City of Tallmadge resulting in a minimum of five hundred thousand dollars ($500,000) in new annual payroll, all at one time, excluding benefits may be eligible for the New Jobs Program.
(b) All new businesses must agree to maintain the new jobs and increased payroll throughout the grant period. If a business falls below the threshold established at the time of application, the grant becomes null and void.
(c) Any new business that leases a building must have a minium 5-year lease for such structure at the time the grant is approved.
(d) The business shall comply with all state, federal, and local laws and does not owe any delinquent taxes to the State of Ohio or any political subdivision.
(e) An eligible grant participant may receive an annual grant award to fifty percent (50%) of the income tax obligation resulting from the new jobs.
(f) The term of the grant period shall be three (3) years. This is a one-time grant for new businesses moving into the City of Tallmadge. Any company that has received rebate payments from the New Jobs Program is not eligible to reapply.
(g) Grant payments are payable only after the Qualifying New Payroll has been maintained for one full calendar year.
(h) Additional new jobs created during the abatement period will qualify in the next calendar year.
(i) The applicant shall execute all waivers or releases necessary for verification of initial and continuing eligibility.
(j) Business incentives not described in these Ordinances may be offered from time to time when such incentives are beneficial to the City of Tallmadge and maintain the purpose of Section 160.01 of these Codified Ordinances.
(Ord. 86-2019. Passed 11-14-19.)