Agenda - Council - 12/11/2012 - Laserfiche WebLink

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3. Economic Feasibility. The recipient must demonstrate to the satisfaction of the City that it has adequate financing for the project and that the project will be completed in a timely fashion. Net Credit Policy 1. The City recognizes that the creation of good paying jobs is a desirable goal which benefits the community. Nonetheless, not all projects assisted with subsidies drive their public purpose and importance solely by virtue of job creation. In addition, the imposition of high job creation and high wage level requirements may be unrealistic and counter -productive in the face of larger economic forces and influence and the financial and competitive circumstances of an individual business. In determining the requirements for a project under consideration fora business subsidy, the determination of the number of jobs to be created and the wage levels therefore 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 worth 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 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 retail the flexibility necessary to respond to all proposed projects, the City retains the right to approve projects and subsidies which may vary from the principles and criteria set forth herein. Net Credit Evaluation Criteria The project review and evaluation criteria are the following: 1. Jobs and Wages a. New Jobs. The minimum net number of direct full time equivalent jobs to be created or retained by the proposed project for a period of at least two years from the estimated benefit date.