§ 15-231. Economic incentive programs.

(a)

City will provide or participate in economic incentive programs whereby businesses considering relocation to or expansion within the city may receive financial benefits directly related to job creation and positive economic impact on the community. The economic development incentives program will be comprised of a direct cash/job creation incentive program and a state local match program.

(b)

The direct cash/job creation incentive program and the state local match program both provide incentives for companies creating a minimum of ten (10) jobs. The Florida Qualified Target Industry Tax Refund Program is a state program available for companies creating a minimum requisite number of jobs and meeting the criteria set forth in F.S. § 288.106. Applicants seeking an economic incentive award pursuant to any program established by this section must comply with the criteria established in this section and the job creation criterion established hereunder.

(c)

In determining whether to provide any economic development incentive described in subsection (a), an analysis shall be made as to whether the tax revenue generated to the city from the new or expanded business will cover the amount of any actual incentive award granted to an applicant within a period not to exceed six (6) years from the date of such award, and that the city will receive a net positive return on its investment of at least ten (10) percent. Any tax revenue/incentive payment analysis conducted by the city shall consider ad valorem taxes generated by the applicant.

(d)

Direct cash/job creation incentive program.

(1)

City may award cash incentives to relocating or expanding companies based upon the number of jobs created in city. Such cash incentives may be granted to qualified companies that pay one hundred fifteen (115) percent of the average annual wage and meet the required job creation threshold. Cash incentives shall not exceed more than two thousand dollars ($2,000.00) for each full-time, permanent job created, up to a maximum total award of two hundred thousand dollars ($200,000.00).

(2)

City may award a cash incentive not to exceed one thousand dollars ($1,000.00) for each job created by a company relocating to or expanding its existing business within city and which employs disadvantaged or welfare-to-work eligible persons. The total maximum cash incentive available pursuant to this paragraph is one hundred thousand dollars ($100,000.00). All disadvantaged or welfare-to-work eligible persons must be qualified through the state welfare transition program, hereinafter referred to as the "WT Program." The applicant company must provide a minimum wage of eighteen thousand dollars ($18,000.00) per job created under this paragraph. For the purpose of determining a company's compliance with the minimum wage requirement established herein, wage averaging shall not be applied to those jobs created pursuant to this paragraph.

(3)

Direct cash incentives authorized under this subsection may be combined with other local match funds.

(e)

State local match program.

(1)

City may provide local matching dollars as a portion of an overall job creation incentive offer to companies considering relocating to or expanding their existing businesses within the city. Companies eligible for city participation must meet the applicable state agency criteria and all of the following:

a.

Payment of wages or salaries which are at least one hundred fifteen (115) percent of the average annual wage for each permanent, full-time job created, except jobs for disadvantaged, or welfare-to-work eligible persons;

b.

Jobs created must be in non-retail targeted industries;

c.

Company must meet the minimum number of jobs to be hired as required by the State of Florida within each twelve-month period; and

d.

Company must retain new hire positions for a minimum of a twelve-month period.

(2)

City may pay one hundred (100) percent of any state job creation proportional match requirement for jobs created in the city. The city may negotiate with Broward county a share of any local match requirement, however, city shall not be obligated to participate in any local match for jobs with Broward County.

( Ord. No. C-07-42, § 1, 6-5-07 ; Ord. No. C-09-17, § 2, 6-16-09 ; Ord. No. C-13-05, § 1, 2-19-13 )