Job Creation Incentive Clause Samples

Job Creation Incentive. Buyer has committed to hire and employ individuals for at least forty (40) full-time positions within the Qualification Period plus six months as set forth below. However, the parties each acknowledge that in the Buyer’s particular industry, and in the Buyer’s experience there is regularly a large percentage of turn-over with respect to employees. Therefore, the creation of jobs shall be construed hereunder as the creation of positions rather than being based on the employment of particular individuals. For example, a “position” such as the morning shift cashier may be filled over a six month period by two or three difference individuals based on turn-over, but so long as said position is filled continually then the position shall qualify as a “job” for all purposes hereunder. Since construction of improvements might take up a significant portion of the Qualification Period, the Buyer shall be given the entire Qualification Period to create the required positions, but shall be able to count up to six months following the Qualification Period for the “six consecutive months” as required below. The definition of job shall also include the following definitions: • Job shall be physically located at the site of the project at Exit 118 or within the Virgin Valley (e.g. Corporate Offices, Administrative or Clerical Work). • Job shall be full-time and scheduled to work for an average minimum of 30 hours per week. • Job shall be for at least six (6) consecutive months. • An employee who is engaged solely in the construction of the anticipated improvements shall not have that position count as a required job. • The usage of full-time equivalents shall not be allowed in the calculation of jobs. 3.5.1 Jobs or positions which qualify to be included in the calculation of jobs created for the purposes of the Job Creation Incentive (the “JCI”) include all permanent jobs or positions which have been filled by an individual or individuals for not less than six months. 3.5.2 In order for Buyer to qualify for the Jobs Creation Incentive, Buyer must meet the minimum thresholds set forth in the table below. Discounts to the Purchase Price are provided in 10% increments under the Job Creation Incentive and no partial discounts. Number of Jobs Discount Percentage Amount of Purchase Price 10 or more, but less than 20 10% $161,000 20 or more, but less than 40 20% $322,000 40 or more 30% $483,000 Incentive discounts will be applied once the Buyer submits to the Seller proof of empl...

Job Creation Incentive. This Incentive is being awarded to Business for it to expand to the size, enterprise and/or revenue levels experienced by the Business prior to the National Disaster declaration and COVID-19 pandemic crisis that caused economic and business retraction. This Incentive is being provided to promote or develop new or expanded business enterprise that create or retain primary jobs in substantial conformity with the Act. Business is obligated to retain jobs or increase its employment or payroll back or business enterprise back to the numbers prior to the COVID-19 National Disaster, as well as to train its employees on how to conduct business safely and in accordance with Center for Disease Control standards during this and any future similar National disaster declaration. Business further agrees to provide Corporation with the following information: (a) Ad valorem tax receipt showing Business’s personal property taxes paid for 2019 : (b) Texas Comptroller of Public Accounts sales tax receipt for January-March, 2020; and (c) Texas Workforce Commission’s Unemployment Tax Services Employer’s Quarterly Report filed January –March, 2020..

Job Creation Incentive. This Incentive is being awarded to Business for it to expand to the size, enterprise and/or revenue levels experienced by the Business prior to the National Disaster declaration and COVID-19 pandemic crisis that caused economic and business retraction. This Incentive is being provided to promote or develop new or expanded business enterprise that create or retain primary jobs in substantial conformity with the Act. Business is obligated to retain jobs or increase its employment or payroll back or business enterprise back to the numbers prior to the COVID-19 National Disaster, as well as to train its employees on how to conduct business safely and in accordance with Center for Disease Control standards during this and any future similar National Disaster declaration. Business further agrees to provide Corporation with the following information on or before the Expiration Date: (a) Cover letter with Business name, contact information and amount requested under the program the Business is applying for; (b) Most recent (2017 & 2018 or 2018 & 2019) tax returns. Returns must include summary pages and worksheets; (c) 12 month profit & loss statement; (d) February 2020 payroll documentation, if applicable; and any further monthly payroll documentation for months subsequent to the the effective date of the Agreement; (e) Copy of lease or monthly rent invoices, if applicable. Copies of cancelled check are acceptable; and (f) Texas Comptroller of Public Accounts sales tax statement for either February 2020 or most recent filing.

Job Creation Incentive. The County shall provide an economic development incentive to Panacea for the creation of Jobs, as follows: (A) The County will provide a one-time incentive to Panacea for each Job created on the Property during the period ending five years from the date of Closing, as follows: (1) $1,000 for each Job paying an annual wage of at least 115 percent of the County’s Average Annual Wage; (2) $2,000 for each Job paying an annual wage of at least 125 percent of the County’s Average Annual Wage; and (3) $3,000 for each Job paying an annual wage of at least 150 percent of the County’s Average Annual Wage. (B) Payment shall be made to Panacea in accordance with the provisions set forth by section 218.70, Florida Statutes, Florida’s Prompt Payment Act, following compliance with the reporting requirements described in the following subsection (C) to align with the County’s budget cycle. (C) Panacea shall provide employment reports, as described in the following subsection (D) to the County certifying the roster of Jobs and corresponding annual wages created during the following periods: (1) the period beginning upon issuance date of a certificate of completion and certificate of occupancy for the first building on the Property and ending on the following December 31, such report to be delivered to the County not later than the next April 1; and (2) the periods beginning on each January 1 thereafter and ending on the following December 31 or the final day of the 5-year period following issuance date of the certificate of completion and certificate of occupancy for the first building on the Property, whichever occurs earliest, such report to be delivered to the County not later than the next April 1. Each such report shall certify that the Jobs listed therein were created during the reporting period and have not been the basis of any previous incentive payment.