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Res 2016-015/amending the City’s Economic Development Policy to require that jobs qualifying for an economic development incentive pay a family living wage, including employer sponsored health insurance benefits;
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Res 2016-015/amending the City’s Economic Development Policy to require that jobs qualifying for an economic development incentive pay a family living wage, including employer sponsored health insurance benefits;
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2/16/2016 1:15:04 PM
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Resolutions
City Clerk - Type
Amending
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Res 2016-15
Date
2/2/2016
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Firms with a score between 81-100 may qualify for up to 80% of the net present value of the estimated <br />total tax liability or up to $200 per job per year over 10 years. Firms with a score between 71-80 may <br />qualify for up to 70% of the net present value of the estimated total tax liability or up to $ 150 per job <br />per year over 10 years. Firms with a score between 60 -70 may qualify for up to 60% of the net present <br />value of the estimatedtotal tax liability or up to $100 per job per year over 10 years. Firms that score <br />below 60 points do not qualify for incentives. As a standard practice, total investments in a firm will not <br />exceed 50% of the present value of the estimated total tax liability over 10 years and will not exceed <br />80% of the total tax liability in any single year. Firms that are in a targeted industry as identified by the <br />City of San Marcos, in a leading edge technology, eligible for state incentives, will generate 200 or <br />more jobs, invest $25 million or more, or establish its headquarter operations in San Marcos are eligible <br />for an additional $50 per job per year. However, the City Council reserves the right to create a unique <br />shared investment package in the case of extraordinary opportunities for economic development in San <br />Marcos. These may include cases where: <br />Thefirm is in a targeted industry <br />The firm is involved in leading edge technology <br />State economic development funds are available for the firm <br />The firm will generate 200 jobs or more <br />The firm will relocate its headquarters to San Marcos <br />The table below represents the scoring system used by the Greater San Marcos Partnership to measure <br />each project. The economic development matrix provides additional information for each category <br />scored. <br />Overall Economic and Fiscal Impact <br />Small Medium Large <br />10 20 30 <br />Linkages to the Local Economy <br />Poor Acceptable Strong <br />0 15 25 <br />Character of Jobs/Labor Practices <br />Poor Acceptable Excellent <br />0 15 25 <br />Infrastructure Impact <br />Disproportionate Proportionate Low Impact <br />0 5 10 <br />Quality of Life/Cultural Vitality <br />Unacceptable Acceptable Excellent <br />0 5 10 <br />Total Possible Points 100 <br />4 <br /> <br /> <br />
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