The Alpharetta City Council is renewing an intergovernmental agreement with the Development Authority of Alpharetta to continue a grant program that encourages local companies to hire local residents.
A total of $40,000 in Local Job Creation funds was approved when the five-year agreement was first signed in October 2013, according to a staff report to the council. The renewal requests $32,500, the remaining unused grant dollars. The agreement runs through June 30, 2019.
The local jobs incentive for employers enhances such state programs as the Quality Jobs Tax Credit and Opportunity Zone Credit and can be used to recruit companies to the city or encourage their expansion.
The Development Authority can award $250 per $500 per new job created in tandem with the state incentive, officials said. An Alpharetta resident must be employed for at least one year with a company before the incentive is paid out.
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