2011 Resolutions - Laserfiche WebLink

Home Browse Search

minimum investment requirement defined in 2), herein. If, under a Competitive Situation, the EDA elects to reduce the minimum investment requirement defined in 2), herein, the EDA may also elect to increase the minimum job creation requirement defined in 1), herein, and/or to increase the Qualifying Wage eligibility requirement to be met in order to qualify for the Machinery and Tool Investment Grant. (m) Qualified Mixed-Use Development Incentive Recipient means a Business Firm which shall 1 ) make a minimum capital investment of$25 million to develop a Mixed-use Project within an Enterprise Zone, which project shall yield an economic return to the City which, in the sole determination of the city manager, with the concurrence of the City Council of the City of Portsmouth, Virginia, justifies the offer of a Mixed-Use Development Incentive; 2) have sufficient financial and management capacity to undertake the project; 3) have undertaken a sound market study which supports the economic viability of the project; and 4) sign an Incentive Agreement following the approval by the City Council of the City of Portsmouth, Virginia of the offer of a Mixed-Use Development Incentive to the Business Firm. (n) QualifYing Event means the creation of New Positions and/or capital investment, as the case may be, of such magnitudes as to fulfill the requirements for the definition of a Qualified Recipient for any Enterprise Zone local incentive grant, as described herein. (0) QualifYing Wage means 175% ofthe federal minimum wage in effect at the time a Business Firm applies to the City for a Machinery and Tools Investment Grant, as herein defined. 11. Eligibility The City will provide funds to the EDA for the purpose of its making Enterprise Zone Local Incentive Grants to a Business Firm if 1) the firm is a Qualified Recipient; and 2) it applies for the applicable Enterprise Zone local incentive grant no later than twelve (12) months after the