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