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CHAPTER 176 <br />Job Retention Grant Program <br />176.01 <br />Purpose 176.05 <br />176.02 <br />Definitions 176.06 <br />176.03 <br />Eligibility 176.07 <br />176.04 <br />Application Procedures <br />176.01 PURPOSE. <br />Economic Development Committee <br />Grant Requirements <br />Grant Agreements <br />The purpose of the City of North Olmsted's Job Retention Grant Program is to provide an <br />economic incentive for businesses to remain or expand within the City. The Program specifically <br />seeks to retain and create jobs pursuant to the terms and conditions set forth in this Chapter. The <br />Job Retention Grant Program ("Program") is an annual payment from the City's non -tax <br />generated revenues (such as interest income, permit fees, service charges, and activity fees) to a <br />participating business based on a percentage of specified retained and/or new annual payroll <br />arising from the retention and/or creation of jobs located within North Olmsted. <br />176.02 DEFINITIONS <br />"Business" means any nonprofit corporation as well as any enterprise, activity, profession <br />or undertaking of any nature conducted for profit or ordinarily conducted for profit, whether by <br />an individual, partnership, association, limited liability company, corporation or any other entity. <br />"Retained Annual Payroll" means the dollar amount of retained or preserved payroll <br />attributable to Retained Jobs. <br />"New Annual Payroll" means the dollar amount of new or additional payroll attributable <br />to New Jobs. <br />176.03 ELIGIBILITY <br />The following businesses are eligible to complete an application for the Program: <br />(a) An existing business already located in the City of North Olmsted that will maintain <br />an Retained Annual Payroll in excess of $8,000,000.00. <br />(b) Retail Businesses are not eligible to complete an application and participate in the <br />Program unless requested to do so by the Director of Planning and Development. <br />176.04 APPLICATION PROCEDURES <br />Application forms for the Program are available from the Director of Planning and <br />Development. Once a completed application and an application fee are received by the Director <br />of Planning and Development, the Economic Development Committee will review the <br />application and make a recommendation regarding eligibility and appropriate terms for the Grant <br />to the Mayor. All grants must be approved by City Council. After approval by Council, a Grant <br />