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AGENDA ITEM 3A -ii <br />STAFF ORIGINATOR: Al Rolek <br />DATE: 9/10/01 <br />TOPIC: Consideration of Resolution No. 01-127 approving a <br />Business Subsidy with Target and Kohl's <br />VOTE REQUIRED: 3/5 <br />BACKGROUND: <br />This resolution recognizes that the Marketplace development meets the goals <br />and objectives outlined by the city in its Business Subsidy Criteria. Target <br />Corporation has agreed to create 75 new full time equivalent positions at an <br />hourly rate of $8.25, plus benefits. Kohl's Department Store has agreed to the <br />creation of 30 new full time equivalent positions at an hourly rate of $8.00, plus <br />benefits. <br />These wage and job goals exceed the city's minimum requirement that within two <br />years of the date assistance is received, jobs created must be at least equal to <br />110% of the federal minimum wage, plus benefits." <br />Separate Abatement agreements will outline the conditions for public assistance <br />to Target and Kohl's for the construction of Target Superstore and Kohl's <br />Department Store. Included in these agreements will be a Business Subsidy <br />Agreement that defines the number and wages of new jobs to be created by <br />each project, and the Developers' responsibilities if they do not fulfill the <br />Agreement. <br />OPTIONS: <br />1. Adopt Resolution No. 01-127 approving the Business Subsidy for the <br />Target/Kohls' project. <br />2. Do not approve the Business Subsidy Agreements <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />