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<br /> <br />Page 2 of 4 <br />creation and capital investment targets. Companies deemed eligible to participate may receive up <br />to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities <br />or making other property improvements. In some cases, companies may receive awards of up to <br />$2 million. <br /> <br />Business applicants for the Job Creation Fund must apply through the city. To be eligible for <br />funding, DEED requires applicants obtain a resolution of support approved by the City Council. <br />To apply for the JCF program, Boston Scientific must complete the following steps: <br /> <br />1. Submit the Job Creation Fund Application Form and required supporting documents to <br />DEED. <br />2. DEED evaluates the application and notifies the city and business of approval or denial. If <br />approved, DEED will formally designate the business as a Job Creation Fund business and <br />determine an award amount. Awards in excess of $500,000 require DEED to hold a public <br />hearing. It is likely this project will require a public hearing. <br />3. After a public hearing, DEED drafts a business subsidy agreement specifying project goals <br />and duration for the agreement and sends it to the business for signature. The business then <br />returns the agreement to DEED for final signature by the DEED commissioner. <br />4. Through the duration of the business subsidy agreement, the city will provide assistance to <br />in the form of collecting required reporting information and submitting progress reports, <br />annual reports, requests for payment, and providing updates to the business regarding <br />updates to annually adjusted wages. <br /> <br />Adoption of the resolution of support does not obligate the City to approve development plans. It <br />also does not obligate the City to provide any financial incentives now or in the future. This is one <br />step in assisting the applicant with obtaining funding for the project. <br /> <br />Findings of Fact <br /> <br />DEED requires the City Council make findings in four specific areas as part of the Resolution of <br />support. The Planning Department offers the following findings of fact for consideration: <br /> <br />1. Finding that the project is in the public interest because it will encourage the growth <br />of commerce and industry, prevent the movement of current or future operations to <br />locations outside Minnesota, result in increased employment in Minnesota, and <br />preserve or enhance the state and local tax base <br />a. Boston Scientific currently employees 37,298 permanent, full-time employees <br />company-wide and 10,169 permanent, full-time employees in the state of <br />Minnesota. The proposed project site currently employees 4,608 permanent, full- <br />time employees. <br />b. The proposed addition to Building 14 will create one-hundred and fifty (150) new <br />jobs for the State of Minnesota and the City of Arden Hills. <br />c. Ninety (90) of the newly created positions will be for production builders. This <br />position will include a total hourly compensation rate, including benefits, of <br />$25.20. Sixty (60) of the newly created position will be for office staff. This <br />position will include a total hourly compensation rate, including benefits, of <br />$53.90. <br />d. The proposed addition to Building 14 will create 150 new jobs over three years <br />after the opening date of the proposed addition. There will be no reduction of