§ 2-1259. Source, claim period and disbursement of TJIF incentives.

Annual disbursements will be contingent on the verification of the new jobs created, and the Capital Investment made by the Company. Disbursement will begin in the County fiscal year following the Project's Capital Investment appearing on the tax roll. The County's fiscal year runs from October 1 through September 30 of the following calendar year. Companies will be monitored annually to ensure compliance with the projected number of new jobs, the wages associated with the new jobs, and the Capital Investment. Disbursements to the Company will only be made after it has met all commitments as set forth in the TJIF application/agreement and the Board approved TJIF Resolution, and disbursements are limited in each year of the disbursement schedule approved in the TJIF Resolution to amounts set forth in Section 2-1258. No Incentive amounts shall be disbursed after the last fiscal year set forth in the TJIF application/agreement and the Board approved TJIF Resolution.

To be eligible to claim any award under the TJIF Program, a Company that has entered into an approved application/agreement must annually apply to the County by May 15 for such award. An appropriation, if made by the Board, will be paid in the County fiscal year that begins on October 1 following the May 15 claims-submission date. The claim for award must include a copy of all documents that allow the County to verify compliance with all the terms and the Company's commitments set forth in the Board of County Commissioners' Resolution approving the TJIF incentive award and the accompanying approved application/agreement. At the County's request the Company shall provide, at its own expense, an independently audited financial accounting to verify the amount and nature of the Company's Capital Investments in the Project.

The County Mayor or the County Mayor's designee shall designate the Office of Economic Development and International Trade, or its successor department, to administer the TJIF Program and determine Company compliance. Any awards determined to be due to Companies and processed by said designated staff shall require written approval of such staff and funds issuance authority by the Office of Strategic Business Management, or its successor department, and the County Mayor or the County Mayor's designee.

An adjustment in the taxable value of the Project's Capital Investment subsequent to the submission of an application and disbursement of a TJIF award may reduce the Company's allowable incentive below the amount specified in the Board of County Commissioners approved TJIF application/agreement. When such an event occurs, the Company will reimburse the County any difference between the amount of TJIF Incentive disbursed and the allowable TJIF award based on the adjusted taxable value.

(Ord. No. 00-98, § 10, 7-25-00; Ord. No. 02-251, § 1, 12-3-02; Ord. No. 11-08, § 1, 2-1-11)