2016-076 Ordinance - Laserfiche WebLink

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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. 176.05 ECONOMIC DEVELOPMENT COMMITTEE The Economic Development Committee shall be comprised of the Planning and Development Director, the Finance Director and one member of City Council appointed by the Council President. 176.06 GRANT REQUIREMENTS To be eligible to receive the Grant, businesses must: (a) Commit to maintaining a specified amount of Retained Annual Payroll. (b) Comply with the laws and ordinances of the City of North Olmsted. (c) Not be delinquent on any tax payment to the State of Ohio or any political subdivision within the State of Ohio. (d) Enter into a Grant Agreement with the City of North Olmsted. (e) Agree to solicit employment applications from qualified City of North Olmsted residents and consider those applications for employment positions that are available during the term of the Grant Agreement. (f) Comply with the terms of the Grant Agreement. 176.07 GRANT TERMS All Grant Agreements shall contain the following terms: (a) An agreement to maintain a specific Retained Annual Payroll for a stated number of years, not to exceed ten (10) years. (b) A stated amount of grant payment to be made or a formula to determine the grant payment based upon Retained Annual Payroll. (c) Acknowledgement that payments are payable only after the Retained Annual Payroll has been maintained for one calendar year. (d) A schedule for grant payments during the term of the Agreement if Retained Annual Payroll is maintained. (e) A requirement for the Business to make an Annual Report on or before a specified date each year during the term of the Agreement stating the Retained Annual Payroll and all payroll generated within the City during the prior calendar year. A filing fee for the Annual Report is required. (f) Provisions governing the termination of the Grant Agreement including a term that requires the Business to return to the City of North Olmsted all grant payments received, if the Business relocates outside of the City of North Olmsted during the term of the Grant Agreement.