The maximum grant will be for 10 years and will be based on new payroll projections according to the following schedule:
Payroll Project by End of Year 3
Length of Grant
$300,000 - $1 million
$1 million - $2 million
$2 million - $3 million
$3 million - $5 million
$5 million - $7 million
$7 million - $10 million
$10 million and up
For companies currently operating in Wadsworth, total payroll (existing plus new) shall be used to determine the number of years of the grant.
If the company is leasing space, the number of years of the grant may be limited so as not to exceed the current lease term.
The annual percentage of the grant, up to 40%, will be determined on a case-by-case basis by the Tax Incentive Review Council. Grant payments will be based on taxable wages for new jobs created and associated with the project.
The grant agreement will be for a specific location. However, if a company has multiple locations in the City of Wadsworth and total employment and payroll projections are met at any combination of locations in the City of Wadsworth, the company will qualify for the grant payment.