Agenda Packets - 2016/01/04 - Laserfiche WebLink

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