2007-102 Ordinance - Laserfiche WebLink

Home Browse Search

,.? ,;.. Ordinance No. 2007-102 174.01 PURPOSE. The purpose of the City of North Olmsted's Job Creation Grant Program is to provide an economic incentive for businesses to locate or expand within the City. The Program specifically seeks to create and retain jobs pursuant to the terms and conditions set forth in this Chapter. The Job Creation Grant Program ("Program") is an annual payment from the City's non-tax generated revenues (such as interest income, permit fees, service charges, and activity fees) to a participating business based on a percentage of specified New Annual Payroll arising from the creation of jobs located within North Olmsted. 174.02 DEFINITIONS "Business" means any nonprofit corporation as well as any enterprise, activity, profession or undertaking of any nature conducted for profit or ordinarily conducted for profit, whether by an individual, partnership, association, limited liability company, corporation or any other entity. "New Annual Payroll" means the dollar amount of new or additional payroll attributable to New Jobs. 174.03 ELIGIBILITY The following businesses are eligible to complete an application for the Program: (a) A ' business constructing, buying or leasing property within the City of North Olmsted that has not had employees located in the City of North Olmsted within the preceding one (1) year and that will create a New Annual Payroll in excess of $500,000.00. (b) An existing ' business already located in the City of North Olmsted that is expanding and that will create a New Annual Payroll in excess of $500,000.00 while maintaining its pre-application work-force and annual payroll. 174.04 APPLICATION PROCEDURES Application forms far the Program are available from the Director of Planning. Once a completed application and an application fee is received by the Director of Planning, the Economic Development Committee will review the application and make a recommendation regarding eligibility and appropriate terms for the Grant to the Mayor. All grants must be approved by City Council. After approval by Council, a Grant Agreement will be prepared by the City for execution by the eligible business. The Grant Agreement must be executed before the Business is eligible for any payment under the Program. 174.05 ECONOMIC DEVELOPMENT COMMITTEE The Economic Development Committee shall be comprised of the Planning Director, the Finance Director and one member of City Council appointed by the Council President. 2