Resolution No. EDA 02-01 - Laserfiche WebLink

Home Browse Search

Exhibit A B. Job and Wages. It is the EDA's intent that the grantee shall create the maximum number of livable wage jobs at the site. All jobs to be created under the agreement must meet or exceed 150 percent of the federal minimum wage requirements plus benefits. This may include jobs to be retained but only if business and job loss is imminent and demonstrable. Other factors to be considered in setting job and wage goals include: 1. Prevailing wage rates; 2. Local economic conditions; 3. External economic forces outside of local control; 4. Business or labor circumstance unique to the grantee. VI. Business Subsidy Agreement Requirements A. All business subsidy agreement shall contain the following: 1. A description of the subsidy, including type, amount and type of district if TIF; 2. A statement of the public purpose for the subsidy; 3. A statement of why the subsidy is needed; 4. Goals for the subsidy, including jobs and wages 5. A description of the financial obligation of the recipient if goals are not • met; 6. A commitment to continue operations at the site for five years; 7. Name and address of the parent corporation of the recipient, if any; 8. A list of financial assistance by all grantors for the project; 9. Annual reporting requirements. B. Specific job and wage goals to be completed within two years include: 1. Number of jobs to be retained, if loss is imminent and demonstrable; 2. Number of jobs to be created; 3. Wage rates to be attained. VII. Compliance and Reporting Requirements A. Any subsidy granted by the EDA will be subject to the requirements of a public hearing, if necessary, and must be approved by the Arden Hills Economic Development Authority. B. Both the grantee and the EDA shall comply with reporting and monitoring requirements of the Act.