GENEVA — Geneva City Council will hold a special public meeting Friday to discuss the Ohio Job Creation Tax Credit Program for the joint economic development district with Harpersfield Township, a program introduced in April by former Growth Partnership for Ashtabula County executive director Joseph Mayernick.

The meeting, which will be held 10 a.m. at Geneva City Hall, is the beginning of a crucial sequence of meetings and talks necessary for the implementation of the tax credit, Geneva City Manager Jim Pearson said.

The Ohio Job Creation Tax Credit Program, which was established in 1993, provides a refundable tax credit against a company’s income taxes, based on the amount of state income taxes withheld from new full-time employees.

A five-member independent board of taxation and economic development professionals from across Ohio is responsible for reviewing and approving applications for tax credit assistance and setting the benefit level. This Ohio Tax Credit Authority also oversees monitoring and reporting the progress of approved tax credit projects.

The JEDD boards (JEDD I and JEDD II) suggest business owners that create 10 new jobs or $200,000 in payroll receive a 50 percent tax credit on those wages for five years. An employer that creates 25 new jobs, or $500,000 in new payroll, would receive a 60 percent credit for seven years; and 50 new jobs, or $1 million in new payroll, can net an employer a 75 percent tax credit on those wages for 10 years, Pearson said.

Pearson said the JEDD agreement must be amended, the tax credit agreement must be signed, and the tax credit guidelines and application must be finalized. The process began on Monday as City Council held a first reading of the JEDD II amendment. On Friday, Geneva and Harpersfield Township officials will meet with JEDD board members to discuss the guidelines and agreement. On Aug. 9, City Council will pass the ordinance for the JEDD II amendment by emergency measure after two readings and will vote to pass the tax credit guidelines and agreement by emergency measure.

On that same day, the Harpersfield Township trustees will hold a special meeting to do the same, according to the written plan of events.

The next day, the city and township will sign the amendment to their 100-year JEDD agreement, and the JEDD II board will agree to the terms of the amendment, and the job-creation tax credit agreement, on Aug. 11.

By Aug. 16, the Harpersfield Township trustees and Geneva City Council will hold individual meetings to authorize the agreement, and on Aug. 17 the JEDD II board will sign the agreement, according to the written plan.

The easy flow of the city’s “sequence of events” flow chart could hinge on the hiring of Squire Sanders, a Cleveland-based law firm with experience in the job-creation tax credit.

Pearson said the JEDD II board of trustees will vote for or against the legal help.

The work is far from over after that Aug. 17 meeting, Pearson said. The JEDD II board will begin the application process for the tax credit, reviewing each application package and making a recommendation to the city and township for the individual-business tax credit. Both City Council and the township trustees must accept the application for the tax credit to be given, according to the written plan.

Mayernick told Geneva City Council that the name of the game is more employees and more jobs.

“The matrix of the job-creation grant would make businesses commit to more new employees if they want a higher tax credit,” Mayernick said.

Mayernick said the new tax credit could prime the Geneva-Harpersfield Township area for major growth.