Eric Murphy proposes some changes to an Economic Development Grant ordinance that was previously approved by Middletown City Council.

1) Provide for a review by an Economic Development Incentive Team consisting of the economic development director, the city manager, and the finance director.
2) Change the definition of 'new jobs' to 'full time equivalent', meaning jobs providing 40 or more hours of work per week.
3) Change the definition of the baseline year to "12 months preceding the grant application".
4) Change job creation to allow for 36 month job creation period.
5) Remove some specific guidelines from job creation incentive grant.

Any company that would create 25 new full-time equivalent jobs and $1,000,000 in new payroll would qualify for the job creation incentive grant, which would allow for a tax abatement over a 10 year period.