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Item 4: Enterprise Zone Stds.
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CC Agenda - 07/18/05 Mtg
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Item 4: Enterprise Zone Stds.
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6/9/2010 12:45:40 PM
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7/14/2005 10:00:44 AM
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City Council
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Agenda Item Summary
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7/18/2005
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B. Mid Size Company <br /> <br /> $1.5 Million Investment <br /> · 20 Jobs <br /> · 3-yr tax liability = $81,000 <br /> <br />Public Benefit Criteria: Points <br />1. Average Wages: > 110% of County Average 25 <br />2. Hire through Referral Agencies: > 35% 15 <br />3. Barriers to Employment: 8% 5 <br />4. Non mandated Training and Benefits: 6% of payroll 10 <br />5. Small Business: yes 10 <br />6. Expansion/Redevelopment/Brownfields: Expansion 1 <br />7. Investment Greater than $500,000/acre: No 0 <br />TOTAL POINTS 66 <br />Public Benefit Calculation: 25- (66pts/80) x 25) = 4.375 % <br />Public Benefit Contribution (3yr total) = $ 3,544 <br />Exemption "Cap" Calculation <br />Projected 3-year Exemption <br /> · $1.5 Million/1,000 x $18 x 3yr = $81,000 <br />Cap Calculation <br /> <br /> · $81,000/20 jobs = $4,050/job <br /> <br />Cap payment <br /> <br /> · NA: Exemption per job is les than $30,000 over 3 years <br /> <br /> <br />
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