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of their compensated time on the leased property, or engaged in work directly related to the license, concession or franchise. (d) City financial aid recipients, which receive more than $100,000 in loans or other cash and/or non-cash assistance in any twelve-month period. Compliance shall be required for a period of five (5) years following receipt of the aid with regard to full-time employees who spend twenty-five percent (25%) or more of their compensated time engaged in work directly related to the purpose for which the City provided the aid. (e) Subcontractors of any of the entries, persons, or recipients described in subparagraphs (a) through (d). Compliance shall be required during the term of the contract between the City and the prime contractor or City financial aid recipients to any full-time employees who spend 25% or more of their compensated time engaged in work directly related to the City contract, or agreement providing financial aid. 2.60.050 Waiver (a) Any employer which contends that it is unable to pay all or part of the living wage must provided a detailed explanation in writing to the City Manager (or the City Manager's designee) who may recommend a waiver to the City Council. (b) The explanation must set forth the reasons for its inability to comply with the provisions of this Chapter, including a complete cost accounting for the proposed work to be performed with the financial assistance sought, including wages and benefits to be paid all employees, as well as an itemization of the wage and benefits paid to the five highest paid individuals employed by the employer. (c) The employer must also demonstrate that the waiver will further the interests of the City of Richmond in creating training positions which will enable employees to advance into permanent living wage jobs or better and will not be used to replace or displace existing positions or employees or to lower the wages of current employees. (d) The City Council may grant a waiver only upon a finding and determination that the employer has demonstrated economic hardship and that waiver will further the interests of the City of Richmond in providing training positions which will enable employees to advance into permanent living wage jobs or better. (e) However, no waiver will be granted if the effect of the waiver is to replace or displace existing positions or employees or to lower the wages of current employees. (f) Waivers from the Chapter are disfavored, and will be granted only where the balance of competing interests weighs clearly in favor of granting the waiver. (g) If waivers are to be granted, partial waivers are favored over blanket waivers. Moreover, any waiver shall be granted for no more than one year. At the end of the year, the employer may reapply for a new waiver which may be granted subject to the same criteria for granting the initial waiver. (h) The City Council of the City of Richmond reserves the right to waive the requirements of this chapter upon a finding and determination of the City Council that a waiver is in the best interests of the City of Richmond (e.g., when the City has declared an emergency due to natural or man-made disasters or war and the need exists for immediate services). (i) All of the provisions of this Chapter, or any part hereof, may be waived by a bona fide collective bargaining agreement, but only if the waiver is explicitly set forth in such agreement in clear and unambiguous terms. 2.60.060 Compensation required to be paid to specific employees Except as provided in Section 2.60.080, an employer subject to this Chapter pursuant to Section 2.60.040 shall provide to its covered employees the following minimum compensation terms for the duration of the covered period: (a) Wages. If the employer pays at $1.50 per hour per employee towards an employees medical benefits plan, which allows the employees to receive employer-compensated care from a licensed physician, the employer shall pay employees an hourly rate of not less