Reso 1996-021 to 025 - Laserfiche WebLink

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2. A retained job shall be considered to be a covered position only when it is a permanent retained job and the BORROWER can clearly and objectively demonstrate, to CITY'S satisfaction, that the job would be lost without the loan from the Small Business Loan Fund Program. Such evidence may be provided, inter alia, in the form of a public closing business announcement by BORROWER'S financial records which clearly indicate BORROWER' need for closing or moving substantial portions of its business outside of San Leandro without Small Business Loan Fund assistance. 3. Additional standards for determining whether a position is a "covered position" required by the Department of Housing and Urban Development ("HUD") may also be applicable, upon CITY'S provision of notice of any such additional or amended HUD standard to BORROWER. C. "Low income person" means any participant in the Job Training Partnership Act ("JTPA") program operated by the Alameda County Training and Employment Board ("ACTEB"), except for JTPA participants in the Dislocated Workers Program, and the following: 1. "Low income person" means any person in a household where the household's annual income is less than 80% of the applicable median annual income for the area, as determined by the CITY in accordance with 42 U.S.C. section 5302(a)(20) and applicable CDBG regulations or amendments thereto. IV. EFFECTIVE DATE AND TERM OF AGREEMENT. A. This agreement shall take effect when signed by BORROWER and CITY. B. This Agreement shall remain in full force and effect for the later of the following: a term coextensive with the term of the Loan Agreement between CITY and BORROWER, executed pursuant to CITY'S approval of a loan from the Small Business Loan Fund or to and through 2002. V. CITY AND BORROWER'S OBLIGATIONS. A. BORROWER will provide City within sixty (60) days of the date of this AGREEMENT a listing of all covered positions and other job classifications which BORROWER expect to create or retain because of a loan from the Small Business Loan Fund. BORROWER will also include in the listing a description of the minimum qualifications for each classification and the anticipated number of openings for each classification. BORROWER agrees to provide CITY with a report of any changes to the listing at least once a year or at more frequent intervals designated by CITY. CDBG Employment Agreement EXHIBIT D Page 3 of 7