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3. Creation of jobs. <br />4. Encouragement of additional private development in the area. <br /> <br />Additionally, the Business Subsidy Law requires that goals (generally in terms of job <br />creation) be established for any project that receives financial assistance. In <br />addition to the construction of a 73,000 sf manufacturing facility in the West <br />Business Park, SoftPac, Inc. represents as its goal the creation within a two-year <br />period of 60 full time equivalent jobs with wages in excess of $10.00 per hour, (the <br />minimum threshold required by the City's TIF policy) exclusive of benefits. Should <br />the job goals not be achieved within the two-year period, the Business Subsidy Law <br />requires that the assistance be repaid on a prorated basis, although a one-year <br />extension is permitted under certain circumstances. <br /> <br />Action Requested <br />Staff requests that the City Council consider the attached resolution approving Tax <br />Increment Financing Plan for, and the establishment of, TIF District No. 21. <br /> <br />Attachments <br /> · ED^ resolution recommending the Council approve the creation of TIF <br /> District No. 21 <br /> · Tax Increment Financing Plan for TIF District No. 21 <br /> · Resolution approving the creation of TIF District No. 21 <br /> <br /> <br />