§ 29-5 — Local Job Creation Incentive Program

§ 29-5. - Local Job Creation Incentive Program.

(a) The Local Job Creation Incentive Program is a city-only incentive program paid solely by the City of Cape Coral. Through this program, the City may provide direct cash payments of up to $3,000 per new job created to businesses starting, relocating, or expanding in the city. (1) Applicants must meet the required job creation threshold of a minimum of five full-time jobs within three years of the incentive award; however, the incentives shall be payable after the employee(s) have been on the job for a period of twelve months. (2) Incentives shall not exceed more than $3,000 for each full-time, permanent job created, up to a maximum total award of $150,000. (3) Incentives authorized under this program may be combined with other local match funds. (4) Jobs created shall be in one of the following targeted industries: A. Life sciences: healthcare, biotechnology, pharmaceuticals, and medical devices. B. Information technology, telecommunications, communications and cybersecurity. C. Financial and professional services: banking, insurance, securities and investments, corporate/regional headquarters, engineering, legal, accounting, and consulting. D. Light industries and manufacturing. E. Logistics and distribution. (5) Wages for new jobs shall be 100 percent of the Lee County average annual wage. (6) Project shall retain new hire positions for a minimum of a twelve-month period. (7) The Applicant shall agree to submit to an audit of hiring (State of Florida UCT-6 form) and other records determined by the City to be necessary, in carrying out the provisions of this program. (b) Payment of economic incentive claims. (1) An Applicant receiving an economic incentive award shall submit its requests for payments in the form and detail prescribed by the City. The incentives payment process includes the following steps: A. Review of applicant's hiring and payroll records (State of Florida UCT-6 form). B. Review of applicant's ad valorem and personal property tax returns filed with Lee County (2) Upon the City's verification of the Applicant's achievement of the goals of the Incentive Participation Agreement, the City shall submit payment to the Applicant.

(Ord. 99-21, § 2, 12-15-2021)