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1111 11/1/13: Bank has created 0 FT jobs and employs a total of 61 FT employees. <br /> Tax Abatement received=$126,898.00 <br /> Options <br /> There is no statutory authority to allow for additional extensions of the Agreement to <br /> allow the Bank to meet the job creation goals and the State has indicated that it would not <br /> support additional extensions. <br /> In a very few cases, cities have amended business subsidies to reduce the goals with a <br /> corresponding reduction in benefit. However, since no jobs have been created,there is <br /> very little room for negotiating a reduction. <br /> The remaining option is to declare the default,discontinue any future tax abatement <br /> amounts and require repayment of tax abatements paid to date with interest at the <br /> statutorily required rate. If any jobs have been created towards the goal,the repayment <br /> would be based on a pro-rata percentage based on the 20 jobs that were required to be <br /> created. DEED has indicated that the implicit price deflator for the project signed in <br /> 2006 that has defaulted in 2013 is as follows: 107.676(2013 2nd Quarter Implicit Price <br /> Deflator)/90.677 (2006 Implicit Price Deflator)= 1.1875 <br /> The Bank asserts that at some point since 2007,it has created 14 new jobs. If that is the <br /> • case,the Bank would be required to repay the following portion of the abatement <br /> received for the goals that were not met: <br /> 6/20 full-time employees not created=30%goal not met($126,898 tax abatement <br /> amount paid to date x.30=$38,069.40) <br /> $38,069.40 x 1.1875 =$45,207.41 <br /> If the City/EDA determine that no jobs were created because the current number of jobs <br /> is less than the number of jobs that existed on the Benefit Date,then the entire abatement <br /> received would need to be repaid as follows: <br /> $126,898 x 1.1875 =$150,691.38 <br />