09/22/2003 Council Packet - Laserfiche WebLink

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• only if retention is specific and demonstrable. The job and wage goal must be attained within two years of the benefit date. The EDA may, after a public hearing, extend for up to one year the period for meeting the job and wage goal. Livable wage 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 Act. If 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. 4. Economic Development. Projects should promote one or more of the following: a. Encourage economic and commercial diversity within the community; b. Contribute to the establishment of a critical mass of commercial development within an area; c. Increase the range of goods and services available or encourage fast growing or other desirable businesses to locate or expand within the community; d. Promote redevelopment objectives and removal of blight, including pollution cleanup;. e. Promote the retention or adaptive reuse of buildings of historical of architectural significance; f. Promote additional or spin -off development within the community; or g. Encourage full utilization of existing or planned infrastructure improvements. The city's Economic Development Advisory Committee has reviewed this project. The committee recommended the EDA support the project, since it met the necessary subsidy criteria, building standards. zoning codes and the Comprehensive Plan land use designation. A public hearing is required by statute when the EDA is considering granting a subsidy that exceeds $100,000. OPTIONS: 1. Open the public hearing 2. Continue the public hearing RECOMMENDATION: Option 1