06-23-2003 EDA Packet - Laserfiche WebLink

Home Search

-ed) may include jobs to be- retained but only if job retention is imminent and demonstrable. , plus benefits. Any deviation from the established wage level must be documented in conformity with the requirements set forth in the Act. If the EDA, following a public hearing, determines that job creation or retention is not part of the public purpose of the subsidy, the wage and job goal may be set at zero. Economic Development. Projects should promote one or more of the following: 1. Encourage economic and commercial diversity within the community; 2. Contribute to the establishment of a critical mass of commercial development within an area; 3. Provide basic goods and services, incrcasclncrease the range of goods and services available or encourage fast- growing or other desirable businesses to locate or expand within the community; 4. Promote redevelopment objectives and removal of blight, including pollution cleanup; 5. Promote the retention or adaptive usereuse of buildings of historical or architectural significance; 6. Promote additional or spin-off development within the community; or 7. Encourage full utilization of existing or planned infrastructure improvements. Section 4. Minimum Requirements 4.01. In order for a recipient to be eligible for a business subsidy, the following minimum requirements must be met:, (a) Compliance with Sections 2.01 a, b, and c; (b) Compliance with Section 3.02 b; and (c) Compliance with Sections 3.02 c or d. IVSection 5. Compliance and Reporting Requirements a)5.01 Any subsidy granted by the EDA will be subject to the requirement of a public hearing, if necessary, and must be approved by the Lino- Lakes City Council. S b)5.02 It will be necessary for both the granteerecipient and the EDA to comply with RHB232372v2 LN 140-I 2 3