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Sandy Peine <br />Oppidan Development - Business Subsidy Agreement for Tax Abatement <br />`-- October 30, 2009 <br />Page 3 <br />wage amount is $7.25/hour. Thus, they would be required to create at least one job <br />paying $12.69/hour, inclusive of benefits. <br />Pursuant to the Development Agreement, the developer is creating more jobs than <br />required by the City's Policy. For purposes of reporting job creation under Business <br />Subsidy annual reports, they will be required to create at least 10 FTE at or above the <br />wage requirement. In addition, they will be required to create at least 40 part-time <br />jobs as a stipulation to receive assistance. It should be noted that the development will <br />actually employ 80 to 100 persons. <br />6. Will the City have on -going administrative costs? <br />Yes. The City will be required to fill out and submit the required Business Subsidy <br />report forms to the Department of Employment and Economic Development (DEED) <br />until the later of the wage and job goals are met, or two (2) years after occupying the <br />facility. In addition, the City will need to annually determine the level of abatement <br />that will be available to the project. The Development Agreement provides that the <br />developer will reimburse the City for its costs related to preparing the report and <br />determining the annual abatement amount. <br />Please contact me at 651- 697 -8506 if you have any questions. <br />