Section 261.74.2. 130 percent wage component.

       74.2(1) Eligibility. In order to qualify for financial assistance under this component of the program, a business shall meet all of the following requirements:

        a.           The business shall create or retain jobs as part of a project, and the jobs created or retained shall meet one of the following requirements:

       (1)             If the business is creating jobs, the business shall demonstrate that the jobs will pay at least 100 percent of the qualifying wage threshold at the start of the project completion period, at least 130 percent of the qualifying wage threshold by the project completion date, and at least 130 percent of the qualifying wage threshold until the maintenance period completion date.

       (2)             If the business is retaining jobs, the business shall demonstrate that the jobs retained will pay at least 130 percent of the qualifying wage threshold throughout both the project completion period and the maintenance period.

        b.           The business shall provide a sufficient package of benefits to each employee holding a created or retained job.

        c.           The business shall demonstrate that the jobs created or retained will have a sufficient impact on state and local government revenues as determined by the department after calculating the fiscal impact ratio of the project.

        d.           The business shall not be a retail business or a business where entrance is limited by a cover charge or membership requirement.

       74.2(2) Sufficient benefits credit. A business providing a sufficient package of benefits to each employee holding a created or retained job shall qualify for a credit against any of the 130 percent qualifying wage threshold requirement.

[ARC 7970B, IAB 7/15/09, effective 7/1/09; ARC 8145B, IAB 9/23/09, effective 10/28/09]