Areas Served: City of Lorain
The City of Lorain has established a Job Creation Incentive Program as a financial incentive to eligible businesses to establish operations in the City of Lorain, Ohio designed to create new jobs.
The City may offer an eligible company a cash rebate based on a percentage of annual employee payroll withholding and/or corporate net income taxes new to the City.
Incentive: Lorain will provide a cash rebate that is a percentage of payroll withholding and corporate net income taxes for all new jobs created under the following amounts and terms: – Non-Targeted Industry Lorain Business Rebate: Rebate will be calculated at 50% during the first five-year period and at 25% for an additional ten-year period.
Term of the incentive shall not exceed a total of fifteen years.
– Targeted Industry Rebate: Rebate will be calculated at 70% during the first five-year period and at 30% for an additional ten-year period.
Term of the incentive shall not exceed a total of fifteen years provided the applicant’s business operations are in a targeted industry.
Eligibility: The program is available to all businesses considering a location or expansion in any business district in the City of Lorain.
Additionally, a greater incentive, as outlined above, will be offered to those businesses in the following targeted industry sectors: Research and Development or Manufacturing in Medical or Energy Industries.
The applicant must intend to create and maintain jobs new to the City of Lorain whose new net payroll shall not be less than $150,000.
Contact InformationLorain Development Corporation
Address: 200 West Erie Ave
City: Lorain
State: Ohio
Website:
http://www.cityoflorain.org/35/Business
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