02-04-2019 Council Packet - Laserfiche WebLink

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public hearing, extend for up to one year the period for meeting the job and wage goal. Qualifying jobs are those which pay, at a minimum, 110 percent of the federal minimum wage, plus benefits. Any deviation from the established wage level must be documented in conformity with the requirements set forth in the Business Subsidy Act. If the City or the EDA, following a public hearing, determines that job creation or retention is not part of the public purpose of the subsidy, the wage and job goal may be set at zero. (d) Economic Development. Projects should promote one or more of the following: 1. Encourage economic and commercial diversity within the community; 2. Contribute to the establishment of a critical mass of commercial development within an area; 3. Increase the range of goods and services available or encourage fast growing or other desirable businesses to locate or expand within the community; 4. Promote redevelopment objectives and removal of blight, including pollution cleanup; 5. Promote the retention or adaptive reuse of buildings of historical or architectural significance; 6. Promote additional or spin-off development within the community; 7. Development of safe and affordable housing; or 8. Encourage full utilization of existing or planned infrastructure improvements. Section 4. Compliance and Reporting Requirements 5.01 Any subsidy granted by the City or the EDA will be subject to the requirement of a public hearing if necessary. 5.02 It will be necessary for both the recipient and the City or the EDA to comply with reporting and monitoring requirements of the Business Subsidy Act. 5.03 A recipient may be authorized to move from the City within five years of the benefit date (as defined in the Business Subsidy Act) only if, after a public hearing, the City or EDA approves the request to move. The City or EDA may discontinue the subsidy if the recipient moves from the City. 479195v2