Resolution 11-07 - Laserfiche WebLink

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"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. "Business Subsidy Report" means the annual reports submitted by the City each year for each business receiving a Business Subsidy in the City in order to comply with the Business Subsidy Act. "DEED" means the Minnesota Department of Employment and Economic Development or a successor entity. "Full-Time Equivalent (FTE)" means a job requiring 2,080 hours per year. G. Additional Policies. All businesses receiving a general Business Subsidy or a JOBZ Business Subsidy shall also comply with the following: 1. Public Hearing. When a Business Subsidy exceeds $150,000, a properly noticed public hearing shall be held pursuant to the Business Subsidy Act, at which the amount of subsidy provided, the public purpose(s), and the specific, measurable, and tangible goals to be achieved shall be made known. 2. Length of Operation. All Business Subsidy Recipients must agree to continue operation within the City for at least 5 years after the benefit date as described in the Business Subsidy Act. Thereafter, following a public hearing, the City may allow the Business Subsidy Recipient to move outside the City within the first five years of operation. 3. Pay Back Provisions and Extensions. Any Business Subsidy Recipient must pay back assistance received if the job and wage goals or other specified goals are not met within two (2) years of the Benefit Date or such time as permitted by the Acts as they may be amended. For all Business Subsidies, assistance provided by the City must be paid back, with interest as determined in the Business Subsidy Act, to the City, or at the City's request, to the account created under the Business Subsidy Act. Any repayment may be prorated by the City to reflect partial fulfillment of goals. The City may, after a public hearing, extend the period for meeting job and wage goals for up to one year and may pursuant to the procedure in the Act, extend the period for meeting other goals for any period specified by the City. 4. Modification. The City reserves the right to modify this Policy from time to time in accordance with the Act. Page 4