April 3, 2014
Re: Letter of understanding on performance compliance schedule for tax abatement reporting for Grandstand Sportswear & Glassware
In order to make compliance reporting more efficient and accurate, the City and Screen-It-Graphics of Lawrence agree to a clarification of measurement periods in Section 5 of the performance agreement, dated October 11, 2011, as shown in the below compliance schedule:
|
Grandstand: Compliance Specifications |
|||||||
|
Abatement Year |
Year Taxes Levied |
Measurement Period |
Performance Agreement Targets |
||||
|
Cumulative FTEs |
Average Company Wage |
Wage Floor |
Cumulative Capital Investment (as of December 31st) |
% FTEs meeting Health Care Coverage Minimums |
|||
|
n/a |
2011 |
January 1 - December 31, 2011 |
n/a |
$11.93 |
$11.58 |
n/a |
100% |
|
1 |
2012 |
January 1 - December 31, 2012 |
51 |
$14.00 |
$11.93 |
$4,820,000 |
100% |
|
2 |
2013 |
January 1 - December 31, 2013 |
56 |
$14.28 |
$12.21 |
$4,820,000 |
100% |
|
3 |
2014 |
January 1 - December 31, 2014 |
70 |
$14.57 |
$12.37 |
$4,840,000 |
100% |
|
4 |
2015 |
January 1 - December 31, 2015 |
78 |
$14.86 |
TBD |
$4,840,000 |
100% |
|
5 |
2016 |
January 1 - December 31, 2016 |
86 |
$15.15 |
TBD |
$4,890,000 |
100% |
|
6 |
2017 |
January 1 - December 31, 2017 |
94 |
$15.46 |
TBD |
$4,890,000 |
100% |
|
7 |
2018 |
January 1 - December 31, 2018 |
102 |
$15.77 |
TBD |
$4,915,000 |
100% |
|
8 |
2019 |
January 1 - December 31, 2019 |
110 |
$16.08 |
TBD |
$4,915,000 |
100% |
|
9 |
2020 |
January 1 - December 31, 2020 |
118 |
$16.40 |
TBD |
$4,940,000 |
100% |
|
10 |
2021 |
January 1 - December 31, 2021 |
126 |
$16.73 |
TBD |
$4,940,000 |
100% |
David L. Corliss, City Manager Chris Piper, President
City of Lawrence, Kansas 3840 Greenway Circle LLC,
Screen-It-Graphics of Lawrence, Inc.
dba Grandstand Sportswear & Glassware