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high levels of property maintenance and private reinvestment in those areas, retain local jobs, increase the job base, and provide diversity in that job base, enhance existing jobs through increased wages, encourage additional unsubsidized private development in the • area, either directly,or through secondary"spin off' development, offset increased costs of redevelopment over and above those costs that a developer would incur in normal urban and suburban development,and meet other uses of public policy, as adopted by the Council/EDA from time to time including the promotion of quality urban design, quality architectural design, energy conservation, decreasing the capital and operating costs of local government,etc. 2.2 The creation or retention of jobs may be, but is not required to be, a public purpose for granting a subsidy. The determination that jobs are not a public purpose for the subsidy and that the related wage and job goals are zero shall be made following a public hearing. If job goals are set at zero, the recipient will be required to meet other measurable, specific and tangible goals, to accomplish one or more of the public purposes described in Section 2.1. 2.3 Job retention may only be used as a public purpose in cases where job loss is specific and demonstrable. The City shall document the information used to determine the nature of the job loss. 2.4 The creation of tax base shall not be the sole public purpose of a subsidy. 2.5 The creation of jobs is a public purpose for granting a subsidy.Creation of at least 1 FTE job is a minimum requirement for consideration of assistance. 2.6 The wage floor for wages to be paid for the jobs created shall be not less than 150% of the State minimum wage in effect at the time the subsidy is granted. The City will seek to create jobs with higher wages as appropriate for the overall public purpose of the subsidy. Wage goals may also be set to enhance existing jobs through increased wages, which increase must result in wages higher than the minimum under this Section. • 3. CITY'S OBJECTIVE FOR THE USE OF PUBLIC FINANCING 3.1 As a matter of adopted policy,the City of Arden Hills may consider using Tax Increment Financing(TIF)and other forms of public financing,such as tax abatement, Bonds,,and other forms as appropriate, to assist private development projects when such assistance complies with all applicable statutory requirements to achieve one or more of the following purposes: A. Remove blight and/or encourage redevelopment in designated redevelopment/development area(s) per the goals and visions established by the City Council 3.2 To achieve the following housing-related goals: A. Toprovide a balanced and sustainable housingstock to meet diverse needs both Deletes: P\MinBusmensota raSn Hills\TCAAP\TIF\Business Subsidy today and in the future Policy\Business Subsidy Public Financing Policy-Draft 2-26-08.doc Page 2 of 7 C:\Documents and Settings\joe.rueb\Local Settings\Temporary Internet Files\OLK9B\Business Subsidy Public Financing Policy-Draft 2-26-081.doc