22-2021 - TIF for W. 117 Development LLC Fieldhouse

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affiliates, contractors, and subcontractors that performed work in the City with respect to the Project. The Developers shall require its contractors and any downstream subcontractor to provide the same upon request of the City to Developers. The availability of the Incentives hereunder to the Developer is expressly contingent upon the satisfaction of the wage requirements with respect to the Project. XX. MINIMUM JOB REQUIREMENT The Fieldhouse Developer anticipates 28 new full time equivalent jobs with annual payroll Of $1,200,000. During the TIF term, the Fieldhouse project must maintain the higher of, minimum of 75% of the anticpated full time equivalent jobs or 21 full time equivalent jobs and an' annual payroll of $900,000 ("Fieldhouse Minimum Job Requirements"). The Fieldhouse Minimum Job Requirements must be established within two years of the day of the Fieldhouse final certificate of occupancy. The Phantasy Developer anticipates 75 new full time equivalent jobs with annual payroll of $3,3 82,3 53 . During the TIF term, the Phantasy project must maintain the higher of, minimum of 75 % of the anticiapted full time equivalent jobs or a minimum of 56 full time equivalent jobs and an annual payroll of $2,525,490 ("Phantasy Minimum Job Requirements"). The Phantasy Minimum Job Requirements must be established within two years of the day of the Phantasy final certificate of occupancy. For the avoidance of doubt, any contractors paid as part of the Project (e.g., entertainment, security, cleaning, property management, etc.) and jobs created by tenants/occupants of the Project shall count towards satisfying the Phantasy Minimum Job Requirements and the Fieldhouse Minimum Job Requirements only if those contractors and jobs created by tenenats/o ccup ants are subject to the City's income tax. The Developers shall provide reports, certified payroll or additional information requested by the City needed to verify the minimum job requirements in this Section. Developers further agree to comply with additional reasonable reporting requirements throughout the term of the TIF. Except as provided below, failure of the Developers to meet the Fieldhouse Minimum Job Requirements and/or Phantasy Minimum Job Requirements in any given year will result in the holdback of TIF revenue until the City receives evidence it deems satisfactory that the minimum job requirements are cured for a period of no less than three months, at which time any heldback TIF revenue shall be delivered. The job requirements set forth in this Section XX may be waived by the City in its sole discretion (by and through the approval of the Mayor or Law Director), with respect to any year upon receipt of a written request from the Developers, submitted to the City no later than January 31 in the following year, documenting the circumstances causing the Project not to satisfy the Fieldhouse Minimum Job Requirements and/or Phantasy Minimum Job Requirements. In connection with any such request, the Developers shall provide such information as the City may reasonably require. In reviewing any such request, the City shall consider market conditions including but not limited to an overall decline in economic performance, as a whole or in the 18