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"Subzone" means the parcel or parcels of land within the Region V Zone in the City which the <br /> Commissioner of DEED has now, or at any time in the future shall, designate to receive certain tax credits <br /> and exemptions specified under the JOBZ Act. <br /> "Zone" means a Job Opportunity Building Zone or an Agricultural Processing Facility Zone designated by <br /> the Commissioner of DEED under the JOBZ Act. <br /> "Full-Time Equivalent(FTE)"means a job requiring 2,080 hours per year. <br /> II. BUSINESS SUBSIDY REQUIREMENTS <br /> The requirements for a Business Subsidy herein described apply to any Business Subsidy, including any JOBZ <br /> Business Subsidy. If the Acts are amended to modify any of these requirements, then the requirement or <br /> requirements set forth in the Acts shall replace the requirement or requirements set forth in this Section and be <br /> incorporated herein without amendment to this Policy or any type of action of the City. <br /> A. Business Subsidy Implementation. A Business Subsidy Recipient, including a Qualified Businesses <br /> receiving a JOBZ Business Subsidy, must: <br /> 1. Comply with the City's comprehensive plan and any other approved plans created by the City to <br /> guide development, <br /> 2. Enter into a Business Subsidy Agreement with the City that complies with the Business Subsidy Act and <br /> the requirements set forth herein, <br /> 3. Agree to comply with annual reporting as required by the Business Subsidy Act and the JOBZ Act, <br /> 4. Meet a public purpose as described in Section II B. below and either achieve job and wage goals as <br /> described in Section II. C below or meet the goals described in Section II D. below, <br /> 5. Meet all of the additional policies set forth in Section II. D below, including holding a public hearing if <br /> required and complying with payback provisions. <br /> B. Public Purpose. Every Business Subsidy, including a Qualified Business receiving a JOBZ Business <br /> Subsidy, must meet a public purpose as follows, which may include but must not be limited to increasing <br /> the tax base: <br /> 1. Increase the tax base, <br /> 2. Create high quality jobs, <br /> 3. Retain high quality jobs, <br /> 4. Prevent or eliminate blight, <br /> 5. Revitalize the neighborhood and community, <br /> 6. Foster economic and commercial diversity, <br /> 7. Stabilize the community, <br /> 8. Provide basic goods and services, <br /> 9. Remediate pollution, <br /> 10. Promote the retention or reuse of historically significant property, <br /> 11. Fully utilize existing or planned infrastructure improvements, <br /> 3 <br />