Laserfiche WebLink
<br />35 hours of the employee's time per week for the portion of the calendar year in which the employee <br /> <br />was initially hired for or transferred to the Business Firm, or (3) a minimum of 1,680 hours per year. <br /> <br />"New Positions" shall not include seasonal or temporary positions. <br /> <br />(i) Post-performance Provision means a requirement contained in an Incentive <br /> <br />Agreement pledging the qualified recipient to return all or a portion of Enterprise Zone Local <br /> <br />Incentive Grants it has received from the EDA if the qualified recipient leaves the Enterprise Zone <br /> <br />within five (5) years of receiving its final Enterprise Zone local incentive grant. <br /> <br />G) Qualified Recipient means the recipient of any Enterprise Zone local incentive grant <br /> <br />as further specified herein. <br /> <br />(k) Qualified Business Personal Property Investment Grant Recipient means a Business <br /> <br />Firm located in an Enterprise Zone and conducting its primary business in a targeted industry, as <br /> <br />herein defined, which shall 1 ) create at least ten (10) New Positions in an Enterprise Zone; 2) invest <br /> <br />at least $500,000 in taxable tangible personal property in an Enterprise Zone that does not replace <br /> <br />tangible personal property taxed by the City at the time that application is made for a Business <br /> <br />Personal Property Investment Grant, except to the extent that the original cost of such new tangible <br /> <br />personal property exceeds the original cost ofthe tangible personal property to be replaced; 3) have a <br /> <br />current business license, if required to have a business license; 4) sign an Incentive Agreement which <br /> <br />shall include, among other provisions, a Post-performance Provision, and 5) authorize the <br /> <br />commissioner of the revenue to release pertinent data to the city manager or his designee. <br /> <br />Notwithstanding 2), herein, if a Competitive Situation is determined to exist, the EDA may reduce <br /> <br />the minimum taxable tangible personal property investment required of the Business Firm to no less <br /> <br /> <br />than $300,000, which is sixty percent (60%) ofthe minimum investment requirement defined in 2), <br /> <br /> <br />herein. If, under a Competitive Situation, the EDA elects to reduce the minimum investment <br />