Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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The project for either new or existing industries must not have been started prior to the request for the incentive. Creation of jobs through either new development or expansion must have a wage rate equal to or greater than the average hourly wage of all industry in the county as established quarterly by the Employment Security Commission. Jobs must be full -time (at least 35 hours per week and wages subject to withholding) and employer must offer health insurance to full -time employees and pay at least 50% of employee premium. The timeframe to meet performance criteria and for the incentive to be paid shall be no longer than eight (8) years. No incentives are being recommended for businesses that are exclusively retail at this time, but could be explored in the future if deemed necessary. A payment schedule will be outlined in the contract. Incentives will be paid after current year ad valorem taxes are paid by the requesting industry. Other criteria for consideration may include but are not limited to: site specific issues that have an impact upon local infrastructure responsibilities, site specific issues that have an impact upon other local resources such as public safety, public works, etc. The industry meeting the criteria and desiring the incentive shall submit a written request to the Town's economic development office. Upon request by an applicant industry and after taking into consideration the importance of proposed investments by an applicant industry to the local economy under the current circumstances, subject to the approval of the Town Board, the foregoing criteria may be modified and/or waived in order to qualify an applicant industry in those instances where documentation is presented by the applicant industry that a significant number of permanent jobs will be created and substantial capital investments, in addition to the initially proposed investments, are scheduled for implementation in the immediate future. The industry must enter into a binding economic development contract with the Town of Morrisville and is therefore subject to any reporting or repayment (clawback provision) requirements contained therein. The Town Board of Commissioners will hold the necessary public hearing as required under statute and approve the signing of the contract between the Town and the requesting industry. Stewardship of the natural environment, including incorporation of alternative energy technologies, use of recycled materials in construction, as well as other "green" building concepts. Innovation in design concept and plan Consistency with and furtherance of Town planning and development objectives, such as downtown development, provision of greenways or other recreation and alternative transportation facilities as well as mixed -use. III. Incentives A benchmark of one percent (1 %) of the total investment of new or expanded tax base will be used by staff to guide discussions and make recommendations to the Town Commissioners. (These funds will be budgeted in the long -range financial plan and be paid by the new or expanded tax base from an Economic Development Fund.) Other incentives could be considered in the form of infrastructure such as streets, traffic signals and/or sewer line extensions. IV. Corporate Headquarters Incentive Criteria The Town will consider a one -half percent (.5 %) higher incentive to corporate headquarters if the project 541Page