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2. Definitions <br />1. “Average wage” shall mean the statistical average mean wage salary being paid or proposed wage <br />to be paid by a prospective company. <br /> <br />2. “City of San Marcos water quality regulations" shall mean the City of San Marcos' water quality <br />regulations, standards, and requirements, including those appearing in the City Code or other <br />ordinance, or administrative rules. <br /> <br />3. “Economic and fiscal impact" shall mean the impact any given project may have on the tax base of <br />the City of San Marcos and its financial ability to meet the desired level of service expected by <br />citizens. <br /> <br />4. “Firm, company, or business” may be used interchangeably in this Policy and shall mean a business <br />organization or enterprising entity engaged in commercial, industrial, or professional activities. They <br />may be for-profit or non-profit business organizations. <br />5. “Full-time employee” shall mean a company employee who is engaged an average of 30 hours or <br />more per week. <br /> <br />6. “Headquarters" shall mean a physical corporate, subsidiary, or regional managing office, as defined <br />by NAICS 551114, that is responsible for strategic or organizational planning and decision making for <br />the business on an international, national, or state-wide basis. A headquarters in San Marcos must <br />have a minimum of 16 full-time employees at its San Marcos location, including positions such as the <br />Chief Operating Officer, President, or principal management of the company. <br />7. “Legacy business” shall mean a business with a continuous physical presence within the City of San <br />Marcos taxing jurisdiction for at least 20 years and contributes to the history, culture, and authentic <br />identity of San Marcos. <br /> <br />8. “Local firm” shall mean a firm engaged in business and located within the taxing jurisdiction of the <br />City of San Marcos. <br />9. “Local labor force” shall mean a resident permanently living within the taxing jurisdiction of the City <br />of San Marcos prior to the effective date of an economic development agreement. <br /> <br />10. “Net present value” shall mean the discounted value of an investment’s cash inflows minus the <br />discounted value of its cash outflows. <br /> <br />11. “Small business” shall mean a firm with 1 to 25 full-time employees total throughout all its locations. <br /> <br />12. “Strategic initiatives” shall mean the strategic areas identified by the San Marcos City Council to <br />focus on for the continued growth of the city. <br /> <br />13. “Targeted industry” shall mean specific industrial activities, or companies involved in specific <br />industries that have been identified as a desirable industry for the City of San Marcos. <br />a. Aerospace <br />b. Business and support services <br />c. Destination attractions <br />2 <br /> <br />