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Federal Regulations (CFR), Part 570.208 -209, and failure to create these job opportunities <br />within the above specified time period shall constitute loan default. <br />Pre -Close Documentation Requirements <br />Prior to loan closing, Borrower shall complete and submit: <br />(1) Baseline Employment Summary, included as Exhibit D, or a reasonable <br />alternative method of documentation approved by the City, indicating its total <br />number of payroll positions, total number of employees, and total number of <br />payroll positions suitable for low- and moderate - income persons prior to <br />executing this Agreement. This will establish a benchmark from which to <br />measure and verify new, permanent positions created and employees hired as a <br />result of the funded project. A copy of Borrower's Certified Payroll for the period <br />immediately prior to executing this Agreement must also accompany the <br />Baseline Employment Summary; <br />(2) Job Creation & Hiring Plan, included as Exhibit E, indicating the FTE positions to <br />be created as a result of the funded project including each position's company - <br />assigned title, HUD - defined job category, suitability for occupancy by an LMI <br />person, and whether or not health care benefits will be provided. <br />Documentation of LMI Status and Other Characteristics <br />Borrower agrees to document the annual household income, prior to being hired, and <br />other characteristics (race /ethnicity, disability, elderly, female head of household status) of <br />both applicants considered for and persons employed to fill positions created as a result of the <br />funded project utilizing the Income Self- Certification & Data Form, attached as Exhibit F. <br />All job - related documentation identified herein must be retained for at least three (3) <br />years following the date Borrower is notified in writing by the City its job creation and hiring <br />requirements have been satisfied or, in the event of non - compliance, until the loan has been <br />repaid in full. <br />Reporting Requirements <br />Borrower agrees to convey actual job creation and employment activity to the City <br />utilizing the Job Creation & Hiring Report, included as Exhibit F, which must be completed and <br />submitted semi - annually according to the following schedule for the duration of during of this <br />Agreement: <br />(1) Before July 31, describing activities conducted between January 1 and June 30 of <br />the current year, and; <br />Page 4 of 19 <br />