2017-054 Resolution - Laserfiche WebLink

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Job Retention The Company expects to retain 200 employees at the Site as of the date of this Agreement. The Company projects that it will maintain an annual payroll of at least $11,000,000.00 and 200 employees at the Site throughout the term of this Agreement. 4. Grant A. The City hereby grants a Job Retention Grant based upon the retention of 200 full-time (or more) jobs at the Site with an associated minimum annual payroll of $11,000,000.00 ("Minimum Annual Payroll" or "MAP"). The amount of the annual grant shall be determined by applying the grant percentage to the amount of City income tax generated from Company employees at the Site equal to the MAP. The annual grant amount shall be based on the current 2% income tax rate. For calendar years 2018 - 2020, the grant percentage shall be 55% of all City income taxes collected by the Company pursuant to Ordinance 1501.1302 at the Site. For calendar years 2021 - 2023, the grant percentage shall be 45% of all City income taxes collected by the Company pursuant to Ordinance 1501.1302 at the Site. For the calendar year 2024, the grant percentage shall be 40% of all City income taxes collected by the Company pursuant to Ordinance 1501.1302 at the Site. B. If the Company fails to have an annual payroll that equals or exceeds the MAP for any calendar year during the term of this Agreement, the grant shall not be awarded for that year. Grant Payments A. Initial Grant Payment 1. The Company must have an annual payroll for employees at the Site at or in excess of the MAP. The initial grant payment shall be made within sixty (60) days after the date that the Company files an annual reconciliation of return of income tax withheld on a form provided by the City's Director of Finance ("Reconciliation"). B. Annual Grant Payments. Annual grant payments, after the initial grant payment, shall be made within sixty (60) days after the date that the Company files its Reconciliation for the prior year. The Company shall use its best efforts to file its Reconciliation for a calendar year by April 30 of the following year. If the Company believes that it will not be able to file a Reconciliation for a particular year by April 30 of the following year, the Company shall notify the City. 6. Payment of Taxes and Filing of Returns The Company shall pay all such real and personal property taxes and shall file all tax reports and returns as required by law. If the Company fails to pay such taxes or file any report or return without obtaining one or more extensions therefore, all incentives granted under this Agreement are terminated beginning with the year for which such a reduction is sought, taxes are charged or returns or reports were required to be filed. 2