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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. City "City"means the City of Pequot Lakes, Minnesota. C. MANDATORY CRITERIA. A project must meet the following mandatory criteria in order to be considered for a business subsidy. The City reserves the right to approve a project that varies from these criteria if the City 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 125 percent 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 City 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 City 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. 5. Economic Feasibility. The recipient must demonstrate to the satisfaction of the City that it has adequate financing for the project and that the project will be completed in a timely fashion. 6. Retail or Service Business. A retail or service business will not be considered for a business subsidy unless the project will create substantial quality employment or a substantial tax base,provide a necessary service not already provided in the community, or redevelop a blighted area. D. OTHER FACTORS TO BE CONSIDERED The City may consider the following factors when considering an application for a business subsidy: 1. Wage and Job Goals. It is the County's policy to target its business subsidy assistance to businesses that demonstrate a clear and ongoing commitment to the community by providing