Job Creation Program
The Job Creation incentive program is designed to create new jobs in Wadsworth. It can be used in concert with Ohio Department of Development Incentives and is intended to encourage companies with a sizable employee base to locate to Wadsworth.
A company must make an investment in building and/or machinery and equipment and create and maintain a payroll at an agreed upon level to receive the grant. The grant agreement will specify the beginning payroll, estimated annual payroll increases, percentages used to calculate the grant, and the terms of the grant. The greater a company exceeds the initial payroll threshold, the more it benefits from the incentive grant. The grant can be for multiple years; the term will be determined by the level of investment being made. The amount of the grant awarded is determined by the annual payroll. All grants awarded will be from non-tax City revenue.
The incentive agreement will be approved by the Economic Development and Planning Committee and Wadsworth City Council.
Retail entities are not eligible to participate in the Local Job Creation Grant Program.
The City of Wadsworth established the Job Creation Grant Program to offer incentives to eligible businesses to establish or expand in the City of Wadsworth and to create and retain jobs. The City may offer an eligible company an annual grant payment based on a percentage of the annual payroll withholding taxes generated from new employees to the City of Wadsworth.
All job creation grant agreements must be completed prior to a company's undertaking of the project. A company will lose its eligibility for the grant program if agreements for construction, leasing, or installation of machinery/equipment are finalized prior to completion of a Job Creation Grant Agreement with the City of Wadsworth. Letters of intent must specify that agreements for construction, leasing, or installation of machinery/equipment are contingent upon completion of a Job Creation Grant Agreement. Commencement of a project prior to approval is done at the company's risk of rendering any such agreement invalid.
The program is available to businesses considering a location or expansion in any business district in the City of Wadsworth.
Retail businesses are not eligible.
A company receiving Enterprise Zone tax abatement is not eligible for a Job Creation Grant for the same project. A company not yet located in Wadsworth must create within a 3 year period a minimum of 10 new full time or full time equivalent jobs to the City of Wadsworth and a minimum payroll of $300,000 new to the City of Wadsworth. A company already located in Wadsworth and expanding at its current facility or expanding at a new facility in Wadsworth must create within a 3 year period an additional 10 new full time or full time equivalent jobs and $300,000 in new payroll, while maintaining its current employment workforce and payroll.
Upon approval of Council, the minimum job creation and new payroll requirements may be adjusted in keeping with economic conditions by an amendment to this Job Creation Grant Program.
Each agreement will include a payback provision if the company leaves the City of Wadsworth during the term of the agreement.
Funding for the program will come from non-tax generated revenues, including but not limited to interest income, permit fees, services charges, activity fees, and tax incentive application and monitoring fees.