Termination of Agreement

An initial payroll number is agreed upon as the starting threshold of the grant. Should the company fails to achieve the threshold as determined by the Assistant Director of Public Service, the grant is subject to renegotiation or cancellation.

Extension

The date by which Year 1 projections must be met will be specified in the agreement. If a project start or occupancy of a project facility is delayed, the company may send a written request to the Assistant Director of Public Service for a one year extension. The extension may be approved by the Assistant Director of Public Service with notice to the Tax Incentive Review Council. If the project does not proceed as specified in the agreement or within the one year extension period, the grant is subject to renegotiation or Council may rescind the agreement upon recommendation of the Tax Incentive Review Council.

Grant Renegotiation

If a company fails to meet 75% of its payroll or employment projections in three consecutive years at any time during the term of the agreement, the grant is subject to renegotiation or City Council may rescind the agreement, following an annual report by the Assistant Director of Public Service on the status of all agreements.

Repaying Grant

If the grant recipient leaves Wadsworth less than two years after the agreement has expired, 100% of all grant monies received during the agreement must be repaid to the City of Wadsworth.