06-23-2003 EDA Packet - Laserfiche WebLink

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requirements of the TIF Act, including the "but for" test, and any TIF policy adopted by the EDA. The grenteerecipient will be required to provide all documentation necessary for the EDA to make the requisite fundings under the TIF Act and the Act. Grantee:,2.03 Recipients will be required to enter into an agreement with the EDA which is consistent with statutory requirements, including and which contains measurable, specific and tangible goals. The agreement must include a commitment to remain in business at the sitein Lino Lakes for a minimum of five years after the benefit date and compliance, unless waived by the EDA, and a requirement to comply with the specific jobskb and wageswage goals established for the projectAll, if any. The agreement must also be approved by the Lino Lakes City Council. Section 3. Business Subsidy Criteria 3.01 The EDA recognizes that every proposal is unique. Nothing in these criteria shall be deemed to be an entitlement or shallto establish a contractual right to a subsidy. The EDA reserves the right tomay modify these criteria from time to time and reserves the right to evaluate each project criteria shall be utilized in evaluating a request for a business subsidy: on its individual merits. The EDA may deviate from these criteria by documenting in writing the reason for the deviation and attaching a copy of the document to its next annual report to the Minnesota state agency charged with administration thereof. 3.02 The following criteria shall be utilized in evaluating a request for a business subsidy: - _ _- - (a) Public purpose. A business subsidy must meet a public purpose, including but not limited to increasing the tax base. Job retention may only be considered a public purpose if the loss of jobs is specific and demonstrable. ath) big) RH B232372v2 LN I40-12 Increase in tax base. While an increase in the tax base cannot be the sole greundsrounds for granting a subsidy, the EDA believes it is a necessary condition for any subsidy. Jobs and Wages.4t In instances in which job creation is determined to be a goal, it is the EDA's intent that the grantee createsrecipient create the maximum number of livable wage jobs at the site. Guaranteed job:, created must meet, asThis may include jobs to be retained but only if retention is specific and demonstrable. The job and wage goal must be attained within two years of the benefit date. The EDA may , after a public hearing. extend for up to one year the period for meeting the job and wage goal. Qualifying 'obs are those which .a at a minimum, 110 percent of the federal minimum wage requirements plus benefits. This 2