2025-067 Resolution - Laserfiche WebLink

Home Browse Search

2. Job Creation and Retention The Company will relocate 124 full time employees to the Site on or before January 1, 2024, with an associated annual payroll of at least $10,478,862. The Company also commits to create a total of 214 additional new full time employment positions located at the Site by December 31, 2026, with an associated payroll of at least $18,632,862 and an average salary of $87,069. 3. Grant A. The City hereby grants a Job Creation Grant based upon relocation of 124 full time (or more) jobs at the Site. The minimum annual payroll that must be subject to City income taxes is $10,478,862 ("Minimum Annual Payroll" or "MAP"). City income taxes paid or payroll from remote employees working outside of the City will not be used to determine whether MAP is met or the calculation of the Job Creation Grant. 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 according to the following chart. Calendar Year Grant Percentage 2024 2025 85% 2925 2026 80% 24M 2027 75% 2-OP 2028 70% 2-ON 2029 40% 2029 2030 35% 2938 2031 15% 2442032 15% 2432 2033 10% 2432 2034 10% The annual grant amount shall be based on the current 2% income tax rate. Consistent herewith, the "Term" is from the Effective Date until the obligations for tax year-24-3-3 2034 have been satisfied and no later than April 15, 2434-2035. B. If the Company fails to have an annual payroll that is subject to City income taxes that exceeds the MAP for any calendar year during the Term of this Agreement, the grant shall not be awarded for that year. 4. Grant Payments A. Initial Grant Year. The Company must have an annual payroll for employees at the Site at or in excess of the MAP. B. Annual Grant Payments. If the Company is entitled to receive an annual grant payment, such payment shall be made within 90 days after the Company files its annual K