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i rive tMLtKJ & <br /> N0. 4497—P. 6 <br /> L H)6)1- 6 2-- <br /> 2.4 The creation of tax base shall not be the sole public purpose of a subsidy. <br /> Y <br /> 2.5 The wage floor for wages to be paid for the jobs created shall be the State minimum wage <br /> in effect at the time the subsidyis <br /> wages as appropriate for the o eralllpublic purrpos of the subsidy.an ed. he City will seek to create jobs with higher <br /> 3 BUSINESS SUBSIDY APPROVAL CRITERIA <br /> 3.1 All new projects approved by City of Anywhere should meet the following minimum <br /> approval criteria. However, it should not be presumed that a project meeting these <br /> criteria will automatically be approved. Meeting these criteria creates no contractual <br /> rights on the part of any potential developer. <br /> 3.2 To be eligible to receive a business subsidy, the recipient must meet the following <br /> minimum requirements: <br /> a• The subsidy must achieve a public purpose. <br /> b. The project must comply with Iocal plans and ordinances. <br /> C. The recipient shall provide information demonstrating that granting the subsidy is <br /> necessary for the proposed development to occur. <br /> d. The recipient enters into an agreement pursuant to these criteria and the Statutes. <br /> 3.3 The business subsidy shall be provided within applicable state legislative restrictions, <br /> debt limit guidelines, and other appropriate financial requirements and <br /> policies. <br /> 3.4 The project must be in accord with the Comprehensive Plan and Zoning Ordinances, or <br /> required changes to the plan and Ordinances must be under active consideration by the <br /> City at the time of approval. <br /> 3.5 Business subsidies will not be provided to projects that have the financial feasibility to <br /> proceed without the benefit of the subsidy. In effect, business subsidies will not be <br /> provided solely to broaden a developer's profit margins on a project. Prior to <br /> consideration of a business subsidy request, the Grantor may undertake an independent <br /> underwriting of the project to help ensure that the request for assistance is valid. <br /> 3.6 Prior to approval of a business subsidy, the developer shall provide any required market <br /> and financial feasibility studies, appraisals, soil boring, information provided to private <br /> lenders for the project, and other information or data that the Grantor or its financial <br /> consultants may require in order to proceed with an independent underwriting. <br /> 2 <br />