§ 15-232. Economic incentive application selection criteria.

(a)

The following factors will be considered in reviewing applications for economic incentives available through the programs established pursuant to the city's economic incentive program:

(1)

The company must be a target industry business;

(2)

The company must create a minimum of ten (10) full-time, permanent jobs.

(3)

The jobs must be created within a thirty six-month period and in one (1) or more of the following areas:

a.

Manufacturing;

b.

Warehouse and distribution;

c.

Motion picture production;

d.

Administrative/operations offices;

e.

Information technology;

f.

Biomedical research and development;

g.

Pharmaceuticals;

h.

Surgical and medical instruments;

i.

Computing equipment;

j.

Electronics;

k.

Book and periodical publishing;

l.

Corporate or regional headquarters; and

m.

Other non-retail operations, or target industries identified under the qualified target industry tax refund program.

(4)

Wages for new jobs must be one hundred fifteen (115) percent of the average annual wage, except for new WT jobs.

(5)

The company's share of gross revenues from products or services derived from city should not exceed fifty (50) percent.

(6)

The company must be financially responsible and must comply with city requests to produce appropriate financial statements prior to approval of incentives. The city may conduct a review of the company's financial statements prior to approval of any incentives.

(7)

The city's tax revenue/incentive pay out analysis must show revenue receipts in excess of incentive payments over a period not to exceed six (6) years, and a net positive return on investment of at least ten (10) percent over the same period.

(8)

The company seeking an economic incentives award must also demonstrate that its business activity will have a significant contribution to the area's economy and the economic growth of the city, including the indirect jobs created as spinoffs from the company's investment and new jobs, and that the business activity will produce a higher standard of living for the residents of city.

(9)

To apply for economic incentives under the programs established pursuant to the city's economic incentive program, the company must file its application prior to the company making a final decision on the siting of its facility. A binding lease commitment or executed property purchase agreement will be construed as a decision to site a facility.

( Ord. No. C-07-42, § 1, 6-5-07 ; Ord. No. C-09-17, § 3, 6-16-09 ; Ord. No. C-13-05, § 2, 2-19-13 )