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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
City_Council_Document_Type
Agenda Item Summary
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7/18/2005
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C. Big Comoany <br /> <br /> · $1.4 Billion Investment <br /> · 1,000Jobs <br /> <br />Public Benefit Criteria: Points <br />1. Average Wages: > 115% of County Average 40 <br />2. Hire through Referral Agencies: > 35% 15 <br />3. Barriers to Employment: > 10% - < 20% 10 <br />4. Non mandated Training and Benefits: >10% of payroll 15 <br />5. Small Business: No 0 <br />6. Expansion/Redevelopment/Brownfields: Expansion 1 <br />7. Investment Greater than $500,000/acre: Yes 1 <br />TOTAL POINTS 82 <br />Public Benefit Contribution $0 <br />Exemption "Cap" Calculation <br />Projected 3 year Exemption <br /> <br /> · $1.4 Billion/1,000 x $18 x 3yr = $75,600,000 <br />Cap Calculation <br /> <br /> · $75,600,000/1,000 jobs = $75,600/job <br /> · Max. Exemption: $30,000/job <br /> <br /> · $30,000 x 1,000 jobs = $30,000,000 (40%of total exemption) <br /> <br />Cap payment <br /> <br /> · $75,600,000 - $30,000,000 = $45,600,000 (60% of total exemption) <br /> · Payment with 1/3 limitation = $24,948,000 (33% of total exemption) <br /> <br /> <br />
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