(a) The purpose of this tax credit is similar to other tax credits available in the Business and Tax Regulation Codes of the City of Wheeling which promote and encourage new and expanded business development and shall be similarly administered and regulated.
(b) Application and administration of the New Development and Business Expansion Tax Credit shall be made in the same manner as the Shared Services Taxpayer Credit found in the previous Section of 787.54(d), (f) and (g) of the Business Regulation and Taxation Code.
(c) Notwithstanding any provision in this article to the contrary, the one time tax credit available pursuant to this article shall be rationally related to the construction cost estimates of the new or expanded business development project, the total investment capital in the development project, the job creation attributable to the project and projected business and occupational taxes as well as other income generating factors that the development estimates shall be produced.
(d) Requirements for the tax credit for new business development and expansion projects may seek a reduction in construction business and occupational taxes associated with the development if the following provisions are met:
(1) An applicant for this tax credit must create or increase its full-time average yearly work force of or by the minimum requirement established by the Housing and Urban Development Department of one (1) job per every thirty-five thousand dollar ($35,000) increment of overall project costs. The jobs created must be located in the City at the development site.
(2) In addition to full-time job creation and retention, the applicant must also provide financial documentation and verification of capital investments and/or improvements in the business property utilized for the New Development and Business Expansion Tax Credit which must be located within the City and which investment and total projected development cost must be a minimum of thirty million dollars ($30,000,000.00). The Finance Director may approve a lesser investment threshold based upon additional developmental improvements or community enhancement factors of the development which support the purpose of this section..
(3) The City Council's Finance Committee may request that the City Finance Director submit a summary report to Council on applications for the New Development and Business Expansion Tax Credit and render an opinion as to whether or not the continuation of such tax credit category is financially sound for the City's budget and solvency and make any recommendations concerning the applications received, continuation of the category or any needed modifications thereto.
(e) No Overlap Provision: The New Development and Business Expansion Credit is a one time credit which may be available at the onset of construction of new developments and expansions within the City in accord with the guidelines found in this section. As well, the No Overlap Provisions found in Section 787.54(i) and Section 787.97 of the Business Regulation and Taxation Code are applicable to this tax credit.
(Ord. 13942. Passed 4-6-10.)