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increase in tax base and a significant improvement in a redevelopment project, and <br /> quality employment. <br /> B. The project must be consistent with the City's Comprehensive Plan, Land Use Plan, <br /> and Zoning Ordinances. <br /> C. The project must result in the retention of existing jobs that would be lost "but for" <br /> the proposed development or result in an increased and diversification in local jobs. <br /> Business retention jobs will be considered on a one-for-one match to job creation <br /> only in cases where job loss is specific and demonstrable in accordance with the <br /> Minnesota Business Subsidy Law. <br /> D. Specific wage and job goals will be determined by the City giving consideration to <br /> the particular form of the subsidy, nature of the development, the purpose of the <br /> subsidy, local economic conditions and similar factors. The recipient will have up to <br /> two years from the benefit date,which is the date the recipient receives the subsidy, <br /> to meet the job and wage goals established by the City. The City may, at its <br /> discretion, extend the deadline for up to one additional year if the job and wage <br /> goals have not been met within two years as per State Statutes. <br /> E. The minimum wage for a job to be considered a new or retained job shall be the <br /> greater of$15.00 per hour or 150% of state or federal minimum wage, exclusive of <br /> benefits required by law. Deviations from the job and wage goal may be considered <br /> for projects that will result in a significant increase in tax base. Deviations less than <br /> the wage floor will be considered on a case-by-case basis and in accordance with <br /> the requirements of the Minnesota Business Subsidy Law. <br /> F. Business subsidies will not be used for commercial/industrial/retail projects that <br /> have a history of inconsistent compliance with applicable environmental rules and <br /> regulations. <br /> VI. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br /> Each company receiving a business subsidy shall be subject to the subsidy agreement and <br /> reporting provisions and requirements set forth by the Minnesota Business Subsidy Law <br /> and summarized below: <br /> A. Progress Reports <br /> The recipient shall file a report annually for two years after receiving the subsidy or <br /> until all goals set forth in the subsidy agreement have been met,which ever is later. <br /> Reports shall be completed using the format drafted by the State of Minnesota and <br /> shall be filed with the City no later than March 1 of each year for the progress made <br /> the previous year. <br /> City of Mounds View Business Subsidy Policy <br /> Amended (Expected)January 2016 <br /> Page 7 of 8 <br />