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Hillcrest Business Subsidy Agreement �® <br /> July 17, 2000 <br /> Page 2 <br /> • Public purpose of the proposed subsidy <br /> ➢ To redevelop blighted property <br /> • Job and wage goals related to the business subsidy <br /> ➢ As provided for in the business subsidy law, jobs created and wage levels can be <br /> determined by the mayor and council to NOT be a goal of providing the business <br /> subsidy—therefor job and wage goals are proposed to be set at zero <br /> The fourth bullet point above describes an issue that should receive consideration by the mayor <br /> and city council. The issue is: <br /> • Should specific job creation and wage goals be set as part of this agreement? <br /> The recommendation being set forth in this memo indicates that no specific job and wage goals <br /> should be applied. We believe the highest priority is to redevelop the blighted property to <br /> achieve the highest and best use. The proposed redevelopment could hardly occur at all <br /> without creating significantly more jobs.than are currently located in the facility. <br /> Additionally, job and wage goals in this case, which are to be guaranteed by the developer, lie <br /> outside of the control of the developer. In the case of the Apache redevelopment, Hillcrest will <br /> have little or no control over the number of jobs or wage levels their tenants create within the <br /> facility. The mayor and council also may not wish to place these types of goals on the <br /> developer because the "high job creation" types of tenants Hillcrest may end up seeking don't <br /> • necessarily provide for the highest and best use (and generally higher value) of the property. <br /> • <br />