07/23/2001 Council Packet - Laserfiche WebLink

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• • • high wage level requirements may be unrealistic and counter- productive in the face of larger economic forces of influence and 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 therefor 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 community from all perspectives, including created or retained jobs. b. 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. c. In cases where the objective is the retention of existing jobs, the recipient of the subsidy will be required to provide evidence, which demonstrates that the loss of those jobs is specific and demonstrable. d. The setting of wage and job goals will be informed by (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. 2. Because it is not possible to anticipate all the needs and requirements of every type of project and the ever - changing needs of the community and in order to retain the flexibility necessary to respond to all proposed projects, the City retains the right to approve projects and business subsidies which may vary from the principles and criteria set forth herein. B. PROJECT REVIEW AND EVALUATION CRITERIA The City will consider one or more of the following criteria in evaluating a request for a subsidy: 1 Increase in Tax Base. The net increase in property taxes estimated to be generated by the project in the first full year of operation. 2. Compliance with Comprehensive or Other Plans. Whether the project is more compatible with the comprehensive plan than other permitted uses for the property. For example, the project may involve a "clean" industry such as a technology or service business, which is preferred over other permitted uses. 3. Marginal.Property. Whether the project is located on property that is not likely to be developed or redeveloped because of blight or other adverse conditions of the property. For example property may be so blighted that the