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7. "Median Wage" means statistical median wage being paid or proposed wage to be <br />paid by prospective company. <br />8. "Targeted Industry," means specific industrial activities, or companies involved in <br />specific industries that have been identified as a desirable industry for our recruitment <br />program. <br />9. "State economic development funds," means financial incentives by or through the <br />state government. <br />10. "Net Present Value," means the discounted value of an investment's cash inflows <br />minus the discounted value of its cash outflows. <br />Incentive Policy <br />Firm -Based Investments <br />San Marcos is committed to the promotion of quality development in all parts of the City and <br />to improving the quality of life for its citizens. In order to meet these goals, the City Council <br />will consider providing incentives to stimulate economic development in San Marcos and its <br />extraterritorial jurisdiction (ETJ). The City will consider providing incentives to appropriate <br />businesses in accordance with the procedures and criteria outlined in this Policy. Prospective <br />businesses are strongly encouraged to discuss potential incentives with the Greater San <br />Marcos Partnership, City officials and staff members early in the stage of a development, <br />since a project is not eligible for incentives under this Policy if a building or site development <br />permit has been issued for the project before an incentive application is submitted. <br />Minimum Requirements: <br />❑ The Firm must be located within the Preferred Scenario Map unless special <br />consideration is given by San Marcos City Council. <br />❑ The Firm must comply with current City of San Marcos water quality regulations on <br />all current projects and during term of incentive agreement. (reference: City Council <br />resolution) <br />A. Overall Economic and Fiscal Impact <br />❑ What is the absolute size of the net benefit? <br />o Economic impact as measured by jobs and income <br />o Level of desirable public benefits included in the project <br />o Net fiscal impact to the City <br />❑ Does the project fit with one of the strategic targets identified? <br />2 <br />