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

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b. Payroll. The minimum annual net payroll (including employer contributions for health benefits) to be generated at the end of the second anniversary date of the estimated benefit date. 2. Tax Base a. Increase in Tax Base. The net increase in property taxes estimated to be generated by the project in the second full year of operation. 3. Land Use a. Compliance with Comprehensive or Other Plans. Whether, apart from any needed services to the community described in Section 5 below, the project is compatible with the comprehensive plan and permitted uses for the property. b. Marginal Property. Whether the project is located on property which needs but 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 cost of making land ready for development exceeds the property's fair market value. c. Design and/or Other Amenities. Whether, as a result of the business subsidy, the project will include design and/or amenity features not otherwise required by law. For example, the project may, at the request of the City, include landscaping, open space, public trails, employee work out facilities or day care facilities which serve a public purpose but are not required by law. 4. Impact on Existing and Future Public Investment a. Utilization of Existing Infrastructure Investment. Whether and to what extent (a) the project will utilize existing public infrastructure capacity and (b) the project will require additional publicly funded infrastructure investments. b. Direct Monetary Return on Public Investment. Arrangements made or to be made for the City to receive direct monetary return on its investment in the project. For example, the business subsidy may be in the form of an interest bearing loan or may involve a project sharing arrangement. 5. Economic Development a. Leveraged Funds. For every dollar of business subsidy to be provided to the project, the minimum amount of private funds which will be applied towards the capital cost of the project. b. Spin Off Development. The dollar amount of non -subsidized development the project is expected to generate in the surrounding area and the need for and likelihood of such spin off development. c. Growth Potential. Based on recipient's market studies on plans for expansion, whether and to what extent the project is expected within five years of its completion, be expanded to produce a net increase of full time equivalent jobs and of payroll, over and above the minimum net increase in jobs and payroll described in section 1 above. 6. Quality of Life a. Community Services. Whether the project will provide services in the community and the need for such services. For example, the project