An eligible grant recipient will receive an annual grant payment equal to no more that fifty percent (50%) of the total payroll taxes paid to the City of Twinsburg for the duration of the Twinsburg Occupancy Program Agreement. The duration of the Agreement will be negotiated by the Mayor for each project based on the size of the company, whether the company is a targeted industry, the level of wages and benefits provided and other factors. The benefit term may not exceed the lease term if the benefiting owner/business is leasing space. A general guide for estimating the duration of an Agreement is indicated in the following schedule:
Total Annual Payroll | Duration |
$ 750,000 to $1 million | 5 years |
$1,000,001 to $ 2 million | 6 years |
$2,000,001 to $ 3 million | 7 years |
$3,000,001 to $ 4 million | 8 years |
$4,000,001 to $ 5 million | 9 years |
$5,000,001 and over | 10 years |
(Ord. 121-2011. Passed 8-23-11.)