ECONOMIC DEVELOPMENT INCENTIVE POLICY STATEMENT

RESOLVED, that the Downtown Improvement Board through the Downtown Parking Management District adopt a policy of offering reduced cost long-term parking spaces to employers relocating to the downtown Pensacola area and owning the premises occupied by the employer, subject to the availability of unassigned off-street parking space and satisfaction of the following conditions: 1. The employer must bring a minimum of fifty (50) new jobs into the downtown Pensacola area immediately upon relocating and at least one hundred (100) new jobs in the aggregate over a two year term after relocating. Parking spaces will be made available or removed from

assignment as employees are added or deleted at the rate of one (1) space per employee added or deleted per month. 2. The median pay scale for the above jobs must be at least Forty-Five Thousand Dollars ($45,000.00) per annum per employee in the new downtown location throughout the duration of the incentive period. 3. The employer must be a single employer and not an aggregate or cooperative of independent employers. 4. If the median pay scale for employees or the total number of employees in the agreed upon downtown location falls below the above-required minimums, the employer shall be required to pay prevailing monthly

parking rates and applicable sales taxes for all parking spaces used when the above-required minimums are not met each month. Such payments, if applicable, shall continue until an independent audit has determined that the employment rates and wage scales have returned to or exceeded the required thresholds for this incentive. 5. 6. The employer must be a taxable enterprise and not a non-profit enterprise. There shall be no ad valorem tax abatement of any kind on the premises occupied by the employer. 7. 8. The incentive shall not be assignable, in whole or in part. If the premises occupied by the employer cease to be wholly or entirely owned by the original employer as a result of the sale or transfer of the premises or an interest in the premises, conveyance as part of a merger, or a buyout of the original employer, the incentive shall be immediately cancelled, null and void. 9. After expiration of the approved term(s), the incentive shall not be renewed or extended. 10. The employer and the Downtown Improvement Board shall negotiate and execute a written agreement mutually acceptable to them incorporating all of the elements of this incentive policy and recognizing any financial assistance available to the Downtown Improvement Board to assist in the financing of the incentive as well as other terms and conditions typical in a similar incentive package.