Chapter 75 FINANCE AND TAXATION.

75-60    TECHNOLOGY ZONE - QUALIFICATION

A. Determination of eligibility shall be made by public board action by the Industrial Development Authority of the Town of Front Royal and County of Warren trading as the Economic Development Authority, the administrator of the program.  Upon approval, the Economic Development Authority shall submit a written report to the Front Royal Director of Finance of such determination and include therein the name and address of the qualifying business, a description of the activities meeting the definitions of Section 75-59 of this Code, and the incentives for which the business is qualified.

B.  In order to qualify for local incentives pertaining to business and occupational licenses under this Article, a business must be located within the boundaries of a Front Royal Technology Zone and conform to the zoning therein.

C.  A business located in a Technology Zone must also make and maintain the following minimum job and capital investments, after November 1, 2009, within 12 months of Technology Zone applications.

Minimum Job Creation:  2 full-time jobs paying a minimum of 2.0 times the minimum wage plus health and benefit plan valued equal to at least 10 percent of the base wage.

Minimum Investment:  $3,000 for Downtown Front Royal Zone; $10,000 (improvements, equipment, or machinery) Inventory does not count.

(Ord. No. 13-09 Amended 12-21-09-Effective Upon Passage)

D.   A business must be, at the time of application, and remain, during eligibility, current in all local, state, and federal taxes and appropriate user fees.  The business must certify the same to the Economic Development Authority at the time of application and annually thereafter.