Establishment of Program. Subject to appropriation, the Director shall create and administer a Local Business Childcare Grant Program to assist Local Businesses that provide childcare contributions for the benefit of Eligible Employees. their employees. Eligibility. The Director, based upon information submitted by the applicant for assistance, shall find that: the applicant owns a Local Business; and the Local Business provides childcare contributions to Eligible Employees. its employees. Grant Agreement. In order to receive financial assistance from the Fund under the Program, a Local Business shall enter into a grant agreement with the County, which shall obligate and commit it to: the County's right to audit financial records of the Local Business; the Local Business' reporting obligations to the Director; and the Local Business' obligation to remit to the County any unused or improperly used Funds. Financial assistance. The Director may award a grant from the Fund to an eligible Local Business under paragraph (b) of this section to an Eligible Employee. The amount of the grant shall not exceed fifty percent (50%) of the annual amount(s) of childcare contributions paid by the Local Business and it shall be used solely for the purpose of providing childcare contributions to Eligible Employees employee who earn gross incomes of less than forty-two thousand dollars and zero cents ($42,000.00) annually or have combined Household Incomes of less than eighty-seven thousand dollars and zero cents ($87,000.00) annually, whichever is greater. Regulations. The Director shall implement methods, procedures, and regulations to implement this Section. The regulations shall specify the application procedures and eligibility criteria for a grant to a Local Business under the Program. Reports. On or before March 31 of each year, the Director shall report to the County Council on the activities of the Program. The report shall include: the number of local businesses participating in the Program; the number and dollar amount of grants made; and an evaluation of the impact of the Program on economic development within the County.