10-19-10 EDC Meeting - Laserfiche WebLink

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livable wage jobs to their employees. Nevertheless,not all projects assisted with subsidies derive their public purpose and importance solely by virtue of job creation. In addition,the imposition of high job creation requirements and high wage level requirements may be unrealistic and counter-productive in the face of larger economic forces or the financial and competitive circumstances of an individual business. In determining the requirements for a project under consideration for a business subsidy,the determination of the number of jobs to be created and the wage levels therefore will be guided by the following principles and criteria: a. The evaluation of projects will take into consideration the project's importance in and benefit to the City from all perspectives, including created or retained jobs. b. Wage and job goals may be set after consideration of the following factors: (i) prevailing wage rates; (ii) local economic conditions;(iii)external economic forces over which neither the City 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. c. If the public purpose to be furthered by the business subsidy relates primarily to purposes other than the creation or retention of employment opportunities,then job and wage goals shall be a minor consideration in the granting of the business subsidy. Notwithstanding the amount of business subsidy,none or only a nominal number of jobs may be required if the City Council finds that the business subsidy will serve a substantial public purpose other than the creation or retention of employment opportunities. d. 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. 2. Growth Potential. Based on recipient's market studies and plans for expansion,the City may consider whether and to what extent the project is expected to be expanded to produce a net increase of full=-time equivalent jobs beyond those required in the wage and job goals established by the City. 3. But For Test. There is a substantial likelihood that the project would not go forward without the business subsidy. This criterion may be met based solely on representations of the recipient of the business subsidy. 4. Tax Base. The project will increase or preserve the tax base. (The Act requires that a project must provide at least one other public benefit.) 5. Public Facilities. The project will provide or help acquire or construct public facilities. 6. Redevelopment. The project will help develop or renew blighted areas.