CLINTON — The Clinton City Council tonight will review and take action on the proposed economic development agreement for Ashford University.

If the council accepts the agreement, Ashford will receive semiannual grants funded by revenues from the Ashford tax increment financing district. In the 2008 and 2009 fiscal years, it would receive 100 percent of the TIF revenues, and 33.3 percent in the following three years, not to exceed a total of $1,011,000. The amount of each payment will be determined by the revenues received, and is contingent on specific performance adjustments, including an investment of at least $8 million in the project area.

Ashford will be obligated to retain the 70 people employed as of March 9, 2005, the date Bridgepoint Education of Poway, Calif., bought The Franciscan University of the Prairies from the Sisters of St. Francis.

In addition, 60 new “full-time equivalent” positions must be in place by Oct. 31, 30 more by Oct. 31, 2007, and a total of 120 new jobs by Oct. 31, 2009.

A full-time equivalent employee is defined in the agreement as a person “who works at least 40 hours per week or 2,000 hours per year, or any combination of part-time employees, who, in the aggregate work at least 2,000 hours per year.”

A full-time equivalent student is one “enrolled in a minimum of 12 credit hours per semester, or any combination of part-time students who, in the aggregate, combine for at least 12 credit hours per semester.”

The total enrollment — 314 at the time of acquisition — must increase to 350 full-time equivalent students by Oct. 31 to 500 by Oct. 31, 2007, and 650 by Oct. 31 2008.

If the employment or enrollment requirements are not met in the first three years, the grants for the fiscal year will be reduced by the percentage of the goal that is not met. A higher number of employees than required would not offset a shortfall in students, or vice versa. After Oct. 31, 2009, if the thresholds are not met or maintained, Ashford will receive no grant dollars.

The ad valorem taxes on the property must be paid, and proof provided to the city. The grant request must be made within 30 days from the tax payment, or the grant rights will be waived.

A public hearing will be conducted during tonight’s meeting of the Clinton City Council, with a resolution at its conclusion.