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Saint Anthony Public Financing Policy Page 6 <br />6.Provides opportunities for small businesses and/or entrepreneurs <br />7.Projects that promote resident economic stability <br />8.Redevelops a blighted, contaminated and/or challenged area <br />9.Preserves and/or stabilizes commercial or industrial nodes <br />10.Adds needed public infrastructure such as roads and utilities <br />5.BUSINESS SUBSIDY PUBLIC PURPOSE,JOBS AND WAGE REQUIREMENT: <br />A.All business assistance must meet a public purpose with measurable <br />benefit to the City as a whole. <br />B.Job retention may only be used as a public purpose in cases where job loss <br />is specific and demonstrable.The City shall document the information used <br />to determine the nature of the job loss. <br />C.The creation of tax base shall not be the sole public purpose of a subsidy. <br />D.Unless the creation of jobs is removed from a particular project pursuant to <br />the requirements of the Statutes,the creation of jobs is a public purpose for <br />granting assistance.Creation of at least 1 Full Time,or Full Time Equivalent <br />(FTE)jobs is a minimum requirement for consideration of assistance.For <br />purposes of this Policy,FTE jobs must be permanent positions with set <br />hours, and be eligible for benefits. <br />E.Part-Time Equivalent jobs may receive a partial credit and be counted <br />toward the job goals. <br />F.The wage floor for wages to be paid for the jobs created shall be not less <br />than 150%of the State of MN Minimum Wage.The City will seek to create <br />jobs with higher wages as appropriate for the overall public purpose of the <br />assistance.Wage goals may also be set to enhance existing jobs through <br />increased wages,which increase must result in wages higher than the <br />minimum under this Section. <br />G.After a public hearing,if the creation or retention of jobs is determined not <br />to be a goal, the wage and job goals may be set at zero. <br />6.SUBSIDY AGREEMENT: <br />A.In granting a public financing assistance,if required by the Statutes,the <br />City shall enter into a subsidy agreement with the recipient that provides <br />the following information: <br />1.Wage and job goals (if applicable) <br />2.Commitment to provide necessary information for reporting purposes <br />3.Five-year operation commitment after the benefit date