Res 2016-112/Project Texas 380 - Laserfiche WebLink

Home Browse Search

attributable to the Business shall be generated and allocated to the City as follows: a. 1st Sales Tax Revenue Computation Quarter—at least $30,000,000; b. 2°a Sales Tax Revenue Computation Quarter—at least $30,000,000; c. 3"' Sales Tax Revenue Computation Quarter—at least $30,000,000; d. 4th Sales Tax Revenue Computation Quarter — at least the remaining balance of annual minimum. Failure to meet this obligation is not susceptible to a Cure and shall result in automatic forfeiture by Company of the right to any Grant Payments for the applicable Sales Tax Revenue Computation Quarter or year during which such failure occurs. Section 3.04. Incentivized Job Creation. On or before January 1, 2018, Company shall employ a minimum of 25 persons in Jobs on the Site, earning at least $15.00 per hour. On or before January 1, 2019, Company shall employ a minimum of 40 persons in Jobs on the Site, earning at least $15.00 per hour. On or before January 1, 2020, Company shall employ a minimum of 50 persons in Jobs on the Site, earning at least $15.00 per hour, and shall maintain at least 50 persons in Jobs, earning at least $15.00 per hour, until December 31, 2022. All other persons employed by Company on the Site in Jobs shall earn a wage of at least $14.50 per hour. If, at any time after January 1, 2023 and for the duration of the term, fewer than 50 persons are employed on the Site in connection with the Business, then all such persons shall be employed in positions qualifying as Jobs earning at least $15.00 per hour. Failure to meet the obligations under this Section is not susceptible to a Cure and shall result in automatic forfeiture by Company of the right to any Grant Payments for the applicable Sales Tax Revenue Computation Quarter or year during which such failure occurs. Section 3.05. Non-Discrimination and Compliance with Laws. Company agrees to 5