09-22-2003 EDA Packet - Laserfiche WebLink

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necessary for the EDA to make the requisite fundings under the TIF Act and the Act. 2.03 Recipients will be required to enter into an agreement with the EDA which is consistent with statutory requirements and which contains measurable, specific and tangible goals. The agreement must include a commitment to remain in business in Lino Lakes for a minimum of five years after the benefit date, unless waived by the EDA, and a requirement to comply with the specific job and wage goals established for the project, 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 to establish a contractual right to a subsidy. The EDA may modify these criteria from time to time and reserves the right to evaluate each project 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: RHB232372v2 LN140-12 (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. (b) Increase in tax base. While an increase in the tax base cannot be the sole rounds for granting a subsidy, the EDA believes it is a necessary condition for any subsidy. (c) Jobs and Wages. In instances in which job creation is determined to be a goal, it is the EDA's intent that the recipient create the maximum number of livable wage jobs at the site. This 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. Livable wage jobs are those which pay, at a minimum, 110 percent of the federal minimum wage, 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. 2