Description: Provides for a draw on a line-of-credit to eligible businesses. Draws are paid out in equal annual installments over the term up to ten (10) years provided the eligible business meets or exceeds its defined payroll objectives. The repayment of the annual draw is forgiven.
Eligible Businesses: Businesses which create new jobs or retain existing jobs which will have a significant and substantive positive impact on the economy of the City of Springdale and which generate in excess of $5,000,000 in annual payroll within the City of Springdale. Retail and residential businesses are not eligible.
Administration:Program is administered by the Administrative Office of the City of Springdale.
Procedure for Securing: Eligible business would complete a brief one page application and submit it to the Economic Development Department of the City. Upon review and approval of the City Administration, an ordinance to authorize the execution of an agreement between the eligible business and the City would need to be passed by City Council in regular session.
Reporting Requirements: Within thirty (30) days after year end, the eligible business is required to provide evidence to the City that payroll objectives have been met along with a request for the authorized draw. This is done annually for the term of the agreement. Within thirty (30) days and upon verification that the eligible business has met the requirements, the City will provide a check in the amount of the draw request along with a letter waiving repayment.
To initiate the process for being considered for a Springdale Job Creation and Retention Program, you may contact:
City of Springdale Economic Development Department - Christine Russell, Director 513-346-3977 or firstname.lastname@example.org
11700 Springfield Pike, Springdale, Ohio 45246 Phone: (513) 346-5700 Fax: (513) 346-5745
11700 Springfield Pike Springdale, Ohio 45246 Phone: (513) 346-5700 Fax: (513) 346-5745
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