The Job Creation Grant incentive program is designed to encourage the creation of new jobs in Wadsworth by providing an annual grant payment based on the percentage of the annual payroll withholding taxes generated by new employees to the City of Wadsworth.
A company must make an investment in building and/or machinery and equipment, and within a three-year period, create a minimum of 10 new full-time jobs within the City of Wadsworth and a minimum of $300,000 in new annual payroll.
Grant agreements are negotiated prior to the project according to the following guidelines.
ANNUAL PAYROLL BY YEAR 3
% OF TAX EXEMPTION
$ 300,000 – 1,000,000
4 years
$ 1 million – 2 million
5 years
$ 2 million – 3 million
6 years
$ 3 million – 5 million
7 years
$ 5 million – 7 million
8 years
$ 7 million – 10 million
9 years
$ 10+ million
10 years
For companies currently operating in Wadsworth, total payroll (existing and new) is used to determine the number of years of the grant. The maximum grant award is 40% of new payroll taxes. The more a company exceeds the initial payroll threshold, the more it benefits from the incentive grant.