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• <br />CITY OF LINO LAKES BUSINESS SUBSIDY POLICY <br />The following business subsidy criteria are intended to satisfy the requirements of <br />Minnesota Statutes, §§116J.993 through 116J.995 (the "Act "). The term "City" means the <br />City of Lino Lakes. The term "project" means the property with respect to which the <br />business subsidy is provided. <br />A. MANDATORY CRITERIA <br />All projects must comply with the following criteria: <br />1. Comprehensive Plan. All projects must be consistent with Lino Lakes' <br />comprehensive plan and any other similar plan or guide for development of <br />the community. <br />2. But For Test. Business subsidies must be justified by evidence that the project <br />cannot proceed without the benefit of the subsidy. This criterion may be met <br />based solely on representations of the recipient of the business subsidy. <br />3. Wage Policy. If the project results in the creation of any jobs, the wage for <br />each full time equivalent job created must be, within two years of the date <br />assistance is received (as defined in the Act), at least equal to 110% of the <br />federal minimum wage, plus benefits, or such greater amount as the City may <br />require for a specific project. This may include jobs to be retained but only if <br />job retention is imminent and demonstrable. <br />4. Economic Feasibility. The recipient must demonstrate to the satisfaction of <br />the City that it has adequate financing for the project and that the project will <br />be completed in a timely fashion. <br />S. Developers Agreement. Grantees will be required to enter into an agreement <br />with the City which is consistent with statutory requirements, including a <br />commitment to remain in business at the site for a minimum of five years after <br />the benefit date and compliance with specific job and wages goals established <br />for the project. <br />6. Compliance with Act. The business subsidy from the City must satisfy all <br />requirements of the Act. <br />B. PROJECT REVIEW AND EVALUATION POLICY <br />1. The City recognizes that the creation of good paying jobs is a desirable goal, <br />which benefits the community. Nevertheless, not all projects assisted with <br />subsidies derive their public purposes and importance solely by virtue of job <br />creation. In addition, the imposition of high job creation requirements and <br />