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b. If a particular project does not involve the creation of jobs, but is nonetheless found to be worthy of support and subsidy, assistance may be approved without any specific job or wage goals if permitted by applicable law. c. In cases where the objective is the retention of existing jobs,the recipient of the subsidy will be required to provide evidence which demonstrates that the loss of those jobs is specific and demonstrable. d. The setting of wage and job goals will be informed by(i)prevailing wage rates, (ii) local economic conditions, (iii) external economic forces over which neither the HRA nor the recipient of the subsidy has control, (iv)the financial resources of the recipient and (v)the competitive environment in which the recipient's business exists. 2. Because it is not possible to anticipate all the needs and requirements of every type of project and the ever-changing needs of the community and in order to retain the flexibility necessary to respond to all proposed projects, the HRA retains the right to approve projects and business subsidies which may vary from the principles and criteria set forth herein. C. PROJECT REVIEW AND EVALUATION PROCEDURE The HRA will consider one or more of the criteria listed in Section C. below in determining whether to provide financial or other assistance to a project as a business subsidy. In applying the criteria to a specific project,the following will apply: 1. The HRA may consider the requirements of any other business subsidy received, or to be received, from a grantor other than the HRA. 2. If the business subsidy is a guaranty,the amount of the business subsidy may be valued at the principal amount of the guaranteed payment obligation. 3. If the business subsidy is real or personal property,the amount of the subsidy will be the fair market value of the property as determined by the HRA. 4. If the business subsidy is received over time,the HRA may value the subsidy at its present value using a discount rate equal to an interest rate which the HRA determines is fair and reasonable under the circumstances. As used herein"benefit date" means the date the business subsidy is received. If the business subsidy involves the purchase, lease, or donation of physical equipment,then the benefit date occurs when the recipient puts the equipment into service. If the business subsidy is for improvements to property,then the benefit date refers to the earliest date of either: when the improvements are finished for the entire project, or when a business occupies the property. -� 2