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COUNTY OF ANOKA BUSINESS SUBSIDY POLICY The following business subsidy criteria are intended to satisfy the requirements of Minnesota Statutes Sections 116J.993 through 116J.995 (the "Act"). A. BUSINESS SUBSIDY PUBLIC PURPOSE. The public purposes of this policy shall be to accomplish the following on behalf of the County of Anoka: 1. Enhance economic growth in Anoka County; 2. Create high quality job growth in Anoka County; 3. Retain high quality jobs in Anoka County;and 4. Enhance the value of surrounding properties and stabilize the area. This policy is adopted in compliance with Minn.Stat. § 116J.994, sSubd. 2. A copy of the policy shall be submitted to the Minnesota Department of Employment and Economic Development. B. DEFINITIONS. 1. Benefit Date "Benefit date"means the date that the recipient receives the business subsidy. If the business subsidy involves the purchase, lease,or donation of physical equipment,then the benefit date begins when the recipient puts the equipment into service. If the business subsidy is for improvements to property, then the benefit date refers to the earlier of either: (1)when the improvements are finished for the entire project; or(2)when a business occupies the property. 2. Business "Business"means a for-profit business entity or a nonprofit entity meeting the requirements of Minn. Stat. § 116J.993, subd. 3. 3. Business Subsidy "Business Subsidy" means a state or local government agency grant, contribution of personal property, real property, infrastructure, the principal amount of a loan at rates below those commercially available to the recipient,any reduction or deferral of any tax or any fee,any guarantee of any payment under any loan, lease, or other obligation, or any preferential use of government facilities given to a business, and as defined by the Act. 4. County "County"means the County of Anoka, Minnesota. C. MANDATORY CRITERIA. A project must meet the following mandatory criteria in order to be considered for a business subsidy. The County reserves the right to approve a project that varies from these criteria if the County determines a valid public purpose will be served. 1. Wage Floor. If the project results in the creation of any jobs,the wage for each part-time and full- time job created must be,within two years of the date assistance is received(as defined in the Act),at least equal to 125percent%of Minnesota's minimum wage as set forth in Minn. Stat. § 177.24 or such greater amount as the County may require for a specific project. 2. Retention of Jobs. In cases where the objective is the retention of existing jobs,the recipient of the subsidy will be required to provide evidence which demonstrates that the loss of those jobs is specific and demonstrable. 3. Public Purpose. The County must determine that the business subsidy meets a public purpose and the reason that the business subsidy is needed. 4. Compliance with Act. The business subsidy from the County must satisfy all requirements of the Act and all other legal requirements. In addition, the business subsidy must meet any additional policies established by the County for the type of business subsidy received.