11.07 - Business Subsidy Policy - Laserfiche WebLink

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� C. Job and Wage Goals. Except as provided in Section II D. herein, every Business Subsidy Recipient, including a Qualified Business receiving a JOBZ Business Subsidy, must meet at least the job and wage goals described herein within two (2) years of the Benefit Date, unless an extension is granted pursuant to the Acts or an amendment to the Acts extends this time. Every Business Subsidy Recipient must meet at least the General Job Goal and General Wage Goal set forth in 1 and 2 below and every Qualified Business receiving a JOBZ Business Subsidy must meet at least the JOBZ Job Goal and JOBZ Wage Goal set forth in 3 and 4 below. In addition, every Business Subsidy Recipient must create the number o£ full-time equivalent (FTE) jobs specified in the Business Subsidy Agreement and must meet the wage goals for those jobs specified in the Business Subsidy Agreement. In cases where the public purpose of the Business Subsidy is the retention of existing jobs, the Business Subsidy Recipient must demonstrate that job loss is specific and demonstrable. The setting of specific wage and job goals in the Business Subsidy Agreement will be sensitive to local economic conditions, external economic forces over which neither the grantor nor the Business Subsidy Recipient has control, the individual financial resources of the recipient, and the competitive environment in which the Business Subsidy Recipient's business exists. 1. General Job Goal. For all Business Subsidies, the Business Subsidy Recipient must create and retain at least: 1 FTE job. 2. General Wage Goal. For all Business Subsidies, the Business Subsidy Recipient must create: 1 FTE job that pays at least: 175 % of the federal minimum wage, which can be fulfilled as an hourly wage or some combination of hourly wage and employer paid health insurance benefits equal to 175% of federal minimum wage 3. JOBZ Job Goal. For all JOBZ Business Subsidies, the Qualified Business must create and retain at least: 3 FTE jobs. `-- 4. JOBZ Wage Goal. For all JOBZ Business Subsidies, the Qualified Business must create 3 FTE jobs that pay at least: 175 % of the federal minimum wage, which can be fulfilled as an hourly wage or some combination of hourly wage and employer paid health insurance benefits equal to 175% of federal minimum wage. The City may deviate from job and wage goals by documenting the reason in writing for the deviation and attaching a copy of this reason to the next annual Business Subsidy Report submitted to DEED. D. Alternative to Job and Wage Goals. The City may determine, after a public hearing, that job creation or job retention is not a goal of either a general Business Subsidy or a JOBZ Business Subsidy. In such cases, the Business Subsidy Recipient must meet at least one of the following minimum requirements: 1. The Business Subsidy accomplishes the removal, rehabilitation or redevelopment of, or prevention of development or spread of, a blighted area as defined by Minnesota Statutes, Section 469.002, Subdivision 11, or constitutes a cost of correcting conditions that permits designation of a redevelopment district ar renewal and renovation district under Minnesota Statutes, Section 469.174 to 469.179; or The Business Subsidy improves public infrastructure or public facilities, including without limitation streets, sewers, storm sewers, streets, parks, recreational facilities, and other City facilities; or e�