05-12-2003 - Laserfiche WebLink

Home Browse Search

VI. GUIDELINES FOR INDUSTRIAL BUSINESS SUBSIDIES A. Business subsidies will not be used for industrial businesses unless it is a development or redevelopment project that demonstrates that it will result in a significant increase in tax base. B. The project must be consistent with the City’s Comprehensive Plan, Land Use Plan, and Zoning Ordinances. C. Specific wage and job goals will be determined 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 to meet the job and wage goals established by the City. The City’s job goal is that each industrial business receiving assistance will create at least one new fulltime job through the implementation of the project. A retention project must result in the retention of existing jobs that would be lost “but for” the proposed development or result an increase and diversification 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. The minimum wage for a job with an industrial applicant to be considered a new or retained job shall be equal to at least 140% of the federal minimum wage or currently $7.21 per hour exclusive of benefits. 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. E. Business subsidies will not be used for industrial projects that have a history of inconsistent compliance with applicable environmental rules and regulations. VII. 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 the 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 year for the progress made the previous year.