Beachwood City Council approved the first of what officials hope will be a few job creation incentive programs at Monday's meeting.
The Job Creation Incentive Grant was approved 6-0 by members of council.
Companies will be deemed eligible for the project-based grant if they create 30 new full-time jobs within a three-year period.
Companies approved for the grant by a City Council vote and mayor approval will receive an annual grant based on a percentage of the annual payroll withholding taxes generated by new jobs created in the city. The maximum level for a grant is for five years and 50 percent.
"We're working to put a plan in place that will build incentive framework for the city," said Economic Development Director Jim Doutt. "We're not trying to be copycats, but we are using best case scenarios from other comunities and tayloring them to fit Beachwood."
Job incentive prgrams were part of many recommendations made to the city to ramp up economic development in a report commissioned from SZD Whiteboard in 2011.