11.07 - Business Subsidy Policy - Laserfiche WebLink

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�.. B. Job Opportunities Building Zone (JOBZ) Business Subsidy. Under the JOBZ Act, a Business Subsidy includes the subsidy provided through the following set of taX benefits to certain qualified businesses: 1. Exemption from individual income taxes, 2. Exemption from corporate franchise taxes, 3. Exemption from state sales and use tax and any local sales and use taxes on qualifying purchases, 4. Exemption from state sales tax on motor vehicles and any local sales tax on motor vehicles, 5. Exemption from property tax, 6. Exemption from wind energy production tax, and 7. Jobs credit. C. Further Definitions. The following defined terms apply equally to business subsidies generally and to JOBZ business subsidies. Any terms not defined herein shall have the meanings set forth in the Acts. If the Acts are amended to affect any of these defined terms, then the definition or definitions set forth in the Acts shall replace the definition or definitions set forth within this Section and be incorporated herein without amendment to this Policy or any type of action of the City. "Benefit Date" means the Benefit Date as defined in the Business Subsidy Act. "Business Subsidy" means a Business Subsidy as defined by the Business Subsidy Act. "Business Subsidy Agreement" means the agreement between the Recipient as defined herein and the City entered into pursuant to the Business Subsidy Act describing the subsidy, specific �" tangible goals (i.e., create number of jobs, establish minimum wage rates and time periods in which goals will be achieved) and providing remedy for failure to achieve goals and providing for reporting to the State of Minnesota. "Business Subsidy Recipient" means a Recipient as defined by the Business Subsidy Act, including a Qualified Business receiving a JOBZ Business Subsidy as defined herein. "Business Subsidy Report" means the annual reports submitted by the City each year for each business receiving a Business Subsidy in the City in arder to comply with the Business Subsidy Act. "DEED" means the Minnesota Department of Employment and Economic Development or a successor entity. "JOBZ Business Subsidy" means tax exemptions or tax credits available to a Qualified Business located in a Zone, as defined by the JOBZ Act, and as modified by amendments to these Acts. "Qualified Business" means a Qualified Business as defined in the JOBZ Act. "Full-Time Equivalent (FTE)" means a job requiring 2,080 hours per year. "Relocating Business" means a person that Relocates as defined in the JOBZ Act. "Relocation Agreement" means a binding written agreement between a Relocating Business and `— the Commissioner of DEED in accordance with Section 469.310 Subd. 11(d) of the JOBZ Act. 4