CONOMIC DVLOPMNT AND INNOVATION jobsraleigh Grant Adopted 5/2/207 Amended 0/6/8 raleigheconomicdevelopment.com
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jobsraleigh Grant What is the jobsraleigh Grant? The City of Raleigh has placed a priority on helping small businesses start, grow and stay in Raleigh. As such, the City adopted the jobsraleigh Grant program to assist small businesses. The program provides grants to companies based upon the creation of new jobs within the City of Raleigh. Criteria for valuating Projects Number of net new full-time jobs project is creating Annual wages of the net new full-time jobs Level of capital investment Business is in an eligible business sector Business is located within Priority Areas for conomic Development Project is located in a designated transit route of corridor Minimum Criteria for ligibility Company must not have more than 49 current full-time employees at time of application Salary for employees must be at or above Living Wage as adopted by City Council (currently $30,340) Company revenues cannot be in excess of $5,000,000 Personal net worth of individual owner(s) cannot exceed $350,000 averaged over three years (does not include primary residence, ownership equity in the firm, retirement/ pension funds, or college savings account(s)) Minimum score of 50 points to qualify Minimum of one () net new full-time job (does not include owners) 3
Grant Amounts $2,500 per qualifying job inside Priority Areas for conomic Development $,500 per qualifying job outside Priority Areas for conomic Development Maximum grant award of $5,000 per business Grant Terms Must create minimum of one net new full-time job, does not include business owner(s) Grantee must create proposed job(s) before grant payment is awarded Grant payment is awarded at the time the job is created and filled CLAWBACK: Grant recipient must retain the new job(s) for a period of one year from the time the position is filled. Should the job not be retained nor refilled during the one year period, the grant recipient shall repay the City of Raleigh the full grant amount per job lost Only one award is allowed within a 2-year period. Companies applying for a second award must have successfully fulfilled the requirements of the previous award to receive additional awards 4
Priority Areas for conomic Development Companies locating within an adopted Priority Areas for conomic Development are eligible for enhanced terms and amounts (see Attachment I). ligible Business Sectors. Manufacturing 2. Transportation 3. Professional Services 4. Financial Services and Insurance 5. Design and Creative Industries 6. Technology 7. Biotechnology and Pharmaceuticals 8. Neighborhood Services (includes day care, indoor recreation, outdoor recreation, medical, personal service, and others as defined by the Unified Development Ordinance) 9. Retail 98 50 40 ACC T FOR S RN A LBU NW B R N 440 87 23 87 40 ROC K GAR N 70 QU L L SAUNDRS LNOIR 97 MI WAK A P ATLAN ITA T RL I N S N MA G OR 40 S N W B R N POO L I OLD CR DMOOR OB DS D WA R FRAN K LIN JON S O UTH S RY F R H MORGAN DNTON TNN IA L CN AV N T UNNYBROOK A L C R OU GH WSTRN 440 40 RSH M K CR SKYCRST IC HO P HILLS BO W H OP CH U RCH ST S AN A LB N W MI LL IGH H RC WAD TRINITY DN FALO BUF B N 440 GL N CHAPL HIL L 40 U IS LO BLU RIDG CHU 54 MILLBROOK D UR A L 54 50 L AD MIN ZR BN 70 CAPITAL 40 ON N WT S NU OF 47 LYNN OO D RAN T FAL LS GL N W FORKS L DU LITCH FORD L S VIL UR G 70 RALIGH WS TGA T CR WILM I NGTON K R SIX BRI ARR Y BA RW R Outside Priority Areas TRYON Inside Priority Areas 55 0 0.5 2 3 4 Miles 40 40 50 70 5
Ineligible Business Sectors. Non-profits and religious organizations 2. Adult entertainment establishment 3. Bars, night clubs, taverns and lounges Disqualifying Factors Applicant shall not qualify for grants under the program if the applicant is delinquent in the payment of any taxes, assessments, fees or other debts owed to the City. Scoring Criteria: Criteria Number of Net New Full-time Jobs 5 (25 points) 6 0 (5 points) or more (0 points) Maximum Points 25 Average Yearly Wage of Net New Full-time Jobs $30,340 - $35,999 (25 points) $36,000 - $49,999 (0 points) $50,000 or more (5 points) 25 Level of Capital Investment $5,000 - $24,999 (25 points) $25,000 - $49,999 (0 points) $50,000 or more (5 points) 25 Located inside Priority Areas for conomic Development 20 Located in a designated transit route or corridor (within a ¼ mile of transit stop) 5 TOTAL POSSIBL POINTS 00 For more information please contact: Tiffany Hall McNeill City of Raleigh s Office of conomic Development and Innovation e: tiffany.mcneill@raleighnc.gov o: 99-996-296 6
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CONOMIC DVLOPMNT AND INNOVATION raleigheconomicdevelopment.com 8