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<br /> <br />F. Business subsidy will not be used for projects that would place extraordinary <br />demands on city infrastructure and services. <br /> <br />G. If requested by the City, the developer shall provide adequate financial guarantees <br />to ensure completion of the project, including, but not limited to: assessment <br />agreements, letters of credit, cash escrows, and personal guaranties. <br /> <br />H. Each developer must be able to demonstrate to the City’s satisfaction, an ability to <br />construct, operate, and maintain the proposed project based on past experience, <br />general reputation, and credit history. <br /> <br />I. If requested by the City, or its consultants, the developer shall provide sufficient <br />market, financial, environmental, or other data relative to the successful operation of <br />the project. <br /> <br /> <br />V. GUIDELINES FOR COMMERCIAL/RETAIL BUSINESS <br /> SUBSIDIES <br /> <br />A. Business subsidies will not be used for commercial, retail or service businesses <br />unless it is a development or redevelopment project that demonstrates that it will <br />result in a significant increase in tax base. <br /> <br />B. The project must be consistent with the City’s Comprehensive Plan, Land Use Plan, <br />and Zoning Ordinances. <br /> <br />C. 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 to meet the job and wage goals established by the City. The City’s job <br />goal is that each commercial/retail business receiving assistance will create at least <br />one new fulltime job through the implementation of the project. A retention project <br />must result in the retention of existing jobs that would be lost “but for” the proposed <br />development or result an increase and diversification in local jobs. Business <br />retention jobs will be considered on a one-for-one match to job creation only in <br />cases where job loss is specific and demonstrable in accordance with the <br />Minnesota Business Subsidy Law. <br /> <br />D. The minimum wage for a job with a commercial/retail business to be considered a <br />new or retained job shall be equal to at least 125% of the federal minimum wage or <br />currently $6.44 per hour exclusive of benefits. Deviations less than the wage floor <br />will be considered on a case-by-case basis and in accordance with the requirements <br />of the Minnesota Business Subsidy Law. <br /> <br />E. Business subsidies will not be used for commercial/retail projects that have a history <br />of inconsistent compliance with applicable environmental rules and regulations.