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Business Subsidy Policy <br />This Policy is adopted for purposes of the business subsidies act (the "Act"), which is <br />Minnesota Statutes, Sections 1161993 through 1167.995. Terms used in this Policy are intended <br />to have the same meanings as used in the Act, and this Policy shall apply only with respect to <br />subsidies granted under the Act if and to the extend required thereby. <br />While it is recognized that the creation of good paying jobs is a desirable goal which <br />benefits the community, it must also be recognized that not all projects assisted with subsidies <br />derive their public purposes and importance solely by virtue of job creation. In addition, the <br />imposition of high job creation requirements and high wage levels may be unrealistic and <br />counter-productive in the face of larger economic forces and the financial and competitive <br />circumstances of an individual business. <br />With respect to subsidies, the determination of the number of jobs to be created and the <br />wage levels thereof shall be guided by the following principles and criteria: <br />Each project shall be evaluated on a case by case basis, recognizing its <br />importance and benefit to the community from all perspectives, including created <br />or retained employment positions. <br />If a particular project does not involve the creation of jobs, but is <br />nonetheless found to be worthy of support and subsidy, it may be approved <br />without any specific job or wage goals, as may be permitted by applicable law. <br />In cases where the objective is the retention of existing jobs, the recipient <br />of the subsidy shall be required to provide reasonably demonstrable evidence that <br />the loss of those jobs is imminent. <br />The setting of wage and job goals must be sensitive to prevailing wage <br />rates, local economic conditions, external economic forces over which neither the <br />grantor nor the recipient of the subsidy has control, the individual financial <br />resources of the recipient and the competitive environment in which the <br />recipient's business exists. <br />Because it is not possible to anticipate every type of project which may in <br />its context and time present desirable community building or preservation goals <br />and objectives, the governing body must retain the right in its discretion to <br />approve projects and subsidies which may vary from the principles and criteria of <br />this Policy. <br />Adopted by: <br />Date of adoption: <br />Date of public hearing: <br />1070590.1 <br />