05.01 - Business Subsidy Public Hearing

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B. Job and Wage Goals. Job creation is a high priority and assistance may be directly related �- to job creation. Except as provided in "Alternative to Job and Wage Goals" herein, every Business Subsidy Recipient must meet at least the job and wage goals described within two (2) years of the Benefit Date, unless an extension is granted pursuant to the Act or an amendment to the Acts extends this time. 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. 1. Job Goal. For all Business Subsidies, the Business Subsidy Recipient must create and retain at least: 1 FTE job. 2. 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. 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. C. Alternative to Job and Wage Goals. The City may determine, after a public hearing, that job creation or job retention is not a goal. 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, redevelopment, prevention, 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 or renewal and renovation district under Minnesota Statutes, Section 469.174 to 469.179; or 2. 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 3. The Business Subsidy removes physical impediments to development of land, including without limitation poor soils, bedrock conditions, steep slopes, or similar geotechnical problems. The above requirements must be expressed as specific, measurable and tangible goals in each Business Subsidy Agreement. The job and wage goals that would otherwise be required may be set at zero. D. Business Subsidy Implementation. A Business Subsidy Recipient, must: �