§ 2.212.020. Small business economic development incentive grants.

A.

The metropolitan government may make economic development incentive grants to the board for a small business economic incentive grant program intended to encourage economic development within the boundaries of the metropolitan government. The amount of the small business economic development incentive grant during any year will be determined by multiplying the number of new full-time jobs of the qualified small business at the qualified project site within the boundaries of the metropolitan government during the preceding year by the amount of five hundred dollars, and/or seven hundred fifty dollars for each newly-employed veteran at the project site, up to a maximum annual payment of fifty thousand dollars. Any grant made in accordance with the provisions of this section will be memorialized by an agreement between the board and the qualified small business that operates the qualified project, pursuant to which the board will authorize the use of such grant funds to reimburse the qualified small business for all or part of its documented expenditures related to the acquisition, preparation or occupancy of office space and other facilities, costs of moving to or relocating within the area of the metropolitan government, and costs associated with employee training.

B.

In conjunction with the board, the ECD shall be responsible for administering the small business economic development incentive grant program approved by this chapter. The board, with assistance from the ECD, shall adopt rules consistent with this chapter for the administration of the small business economic incentive grant program. Upon adoption, such rules shall be filed with the metropolitan clerk. Small business economic incentive grants shall be made to qualified small businesses on a first-come-first-served basis subject to the availability of funding approved for the program by the metropolitan council through the metropolitan government operating budget ordinance.

C.

The ECD shall provide written notice to the metropolitan council within thirty days of each small business economic development incentive grant made to a qualified small business.

(Ord. BL2013-420 § 1, 2013)