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<br />TUESDAY <br /> <br />MAY 25, 1982 <br /> <br />- <br /> <br />expenditure ratio of at least 6.7 private dollars to each UDAG dollar <br />spent. In fact, the actual private investment ($25,592,323) has ex- <br />ceeded the required amount ($20,594,574). <br /> <br />2. <br /> <br />New Tax Revenue <br /> <br />- <br /> <br />As stated in our previous monitoring letter dated June 29, 1981, the <br />City will not realize the $441,000 in new tax revenue (or 14 cents <br />per UDAG dollar) as estimated in the application. Although uncertain <br />of the actual new tax amount to be received, a significantly smaller <br />amount was anticipated during our prior visit because of (1) a decrease <br />in the real property tax rate, (2) approval of the proposal with less <br />private investment than projected, and (3) related private sector <br />improvements made to plants located outside the City limits. <br /> <br />During this visit, the Commissioner of Revenue indicated that fiscal <br />year 1982 tax assessments are currently underway for machinery, tools <br />and real property. The Commissioner considers a reasonable estimate <br />of net new taxes generated by the project to be $96,473. This amounts <br />to approximately three cents in new tax revenue per UDAG dollar invested. <br /> <br />GRANT RECAPTURE <br /> <br />The Grant Agreement does not contain a recapture provisions. No corrective <br />action is required. <br /> <br />NEW EMPLOYMENT <br /> <br />The UDAG Grant Agreement indicates that 1,100 new jobs for low-and-moderate- <br />income persons were to be created by this project. In reply to our earlier <br />finding, the documentation gathered by the City from the private sector con- <br />cerning salary ranges indicate that 1,191 low-and-moderate-income jobs were <br />created. The City and the private sector companies are commended for ex- <br />ceeding the goal. <br /> <br />EQUAL OPPORTUNITY <br /> <br />..- <br /> <br />Of the 1,191 new positions, 301 (or approximately 25 percent) were filled by <br />minority individuals; and 804 of the new hires were women. <br /> <br />GRANTEE MANAGEMENT SYSTEM <br /> <br />1. Quarterly Progress Reports. The City has developed a system to verify <br />the accuracy of information submitted on the Quarterly Progress Reports, <br />and the Reports are submitted in a timely manner. <br /> <br />2. Compliance with requirements of OMB Circular A-102, Attachment "G." <br />The financial management systems in place by the City are in compliance <br />with A-102, Attachment "G" criteria. These include ac~urate reporting; <br />maintenance of records which identify source and application of funds; <br />accountability for all funds; budgetary controls maintained; drawdowns <br />