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06-13-2016 EDA Packet
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06-13-2016 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
06/13/2016
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<br />RHB-232656v1 3 <br />LN140-12 479195v2 <br />and demonstrable. The job and wage goal must be attained within two <br />years of the benefit date (as defined in the Business Subsidy Act). The City and the EDA may, after a 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 <br />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. <br /> (d) Economic Development. Projects should promote one or more of the following: 1. Encourage economic and commercial diversity within the community; <br /> 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 <br />growing or other desirable businesses to locate or expand within the community; 4. Promote redevelopment objectives and removal of blight, including pollution cleanup; <br /> 5. Promote the retention or adaptive reuse of buildings of historical or architectural significance; 6. Promote additional or spin-off development within the community; <br />or 7. Development of safe and affordable housing; or <br /> 8. Encourage full utilization of existing or planned infrastructure <br />improvements. Section 4. Minimum Requirements 4.01. In order for a recipient to be eligible for a business subsidy, the following minimum <br />requirements must be met; (a) Compliance with Sections 2.01 a, b, and c; (b) Compliance with Section 3.02 b; and <br />(c) Compliance with Sections 3.02 c or d.Section 5. Compliance and <br />Reporting Requirements
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