Laserfiche WebLink
Section 1.06 Job Creation & Hiring Requirements <br />A. Total & Low -Moderate Income Job Creation & Hiring Requirements <br />Borrower agrees the funded Project will create no fewer than twenty-five (25) new, permanent, full-time <br />equivalent (FTE) jobs within a period not exceeding twenty-four (24) months ; following Project completion <br />according to the Timetable for Project Activities stipulated in Section 1.04 of this Agreement. <br />B. Documentation of .6* Moderate Income Status & Other Characteristics <br />Borrower .agrees to utilize the `HUD `Dno <br />cie Self -Certification &Data Foam, attached hereto as <br />Exhibit F and rnado past hereof by this reference asf fully rewritten, to document the annual household income, <br />prior to being hired, and certain demographic characteristics of both applicants interviewed for and persons <br />employed o fill all positions created as a result of the funded Project. <br />All u related documenfa inn identified herein must be retained for at least three (5) years following the <br />date Borrower :- ` a€ tified in writing y the City its job creation and hiring requirements have been satisfied or, in <br />b8`rrower the event of non-canplance, until is notified in writing by the City the loan has been repaid in full. <br />C. Reporting <br />■ No fewer than (25) new, permanent, full-time equivalent (FTE) jobs must be created by The Nest's tenant <br />businesses within (12)` months following completion of the funded project. <br />■ At least 51 % or (13) of the j obs created must be suitable for and filled by low -moderate -income (LMI) persons <br />earning less than 80% of the Area Median Income (AMI) established annually by the U.S. Department of <br />Housing Urban Development (HUD) prior to being hired. <br />■ The Developer must submit Semi -Annual Job Creation & Hiring Reports documenting actual job creation and <br />hiring by Borrower's tenant businesses as a direct result of the funded project for the duration of the loan term. <br />■ Failure to fulfill CDB G job creation and hiring requirements within the performance period constitutes loan <br />default. <br />Page 3 of 14 <br />