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24 BUSINESS SUBSIDY POLICY _ . The following business subsidy criteria are intended to satisfy the requirements of Minnesota Statues, §§116J.993 through 116J.995 (the "Act"), in particular, §116J.994, subdivision 2; thereof. Terms used but not defined herein have the meaning give them in the Act. The term "City" means Saint Anthony Village. The term."project" means the property with respect to which the business subsidy is provided. A. Project Review and Evaluation Policy The City recognizes that the creation of good paying jobs is a desirable goal which benefits the community. Nevertheless, not all projects assisted with subsidies derive their public purposes and importance solely by virtue of job creation. In addition, the imposition of high job creation requirements and high wage level requirements may be unrealistic and counter- productive in the face of larger economic forces and the financial and competitive circumstances of an individual business. With respect to business subsidies, the following principles and criteria will guide the number of jobs to be created and the wages paid: • Each project will be evaluated on a case by case basis, recognizing its importance and benefit to the community from all perspectives, including created or retained employment positions. • If a particular project does not involve the creation of jobs, but is nonetheless found to be worthy of support and subsidy, it may be approved without any specific job or wage goals, as may be permitted by applicable law. • In cases where the objective is the retention of existing jobs, the recipient of the subsidy will be required to provide reasonably demonstrable evidence that.the loss of those jobs is imminent. • The setting of wage and job goals must be sensitive to prevailing wage rates, local economic conditions, external economic forces over which neither the grantor nor the recipient of the subsidy has control, the individual financial resources of the recipient and the competitive environment in which the recipient's business exists. Because it is not possible to anticipate every type of project which may, in its context and time, present desirable community building or preservation goals and objectives, the governing body must retain the right in its discretion to approve projects and subsidies which may vary-from the principles and criteria of this Policy. B. Project Review and Evaluation Criteria The City will consider one or more of the criteria listed below in determining whether to provide .financial or other assistance to a project as a business subsidy. In applying the criteria to a specific project, the following will apply: (i) The City may include any other business subsidy received, or to be received, from a grantor other than the City. (ii) If the business subsidy is guaranty, the amount of the business subsidy may be valued at the principal amount of the guaranteed payment obligation. (iii) If the business subsidy is property, the amount of the subsidy will be the fair market value of the property as determined by the City. (iv) If the business subsidy is received over time, the City may value the subsidy at its present value based on a discount rate equal to the interest rate which the City determines is fair and reasonable under the circumstances.