Laserfiche WebLink
J. "Policy" means this policy setting forth the requirements and criteria for awarding <br />a Subsidy, as approved by the City Council, and as the same may be amended <br />from time -to -time at the discretion of the City Council. <br />K. "Qualifying Employees" means Permanent Full -Time Employees or Full -Time <br />Equivalent Employees employed within the property with regard to which a <br />Subsidy is granted, and in the event such property consist of an expansion or <br />addition to an already existing facility, it shall mean additional Permanent Full - <br />Time and Full -Time Equivalent Employees employed as a result of such <br />expansion or addition. The following persons shall not be considered Qualifying <br />Employees: <br />(1) Contract personnel who are not employees of the Recipient, its tenants, <br />or subtenants; or <br />(2) Employees of a Recipient located within an Economic Development <br />District, Redevelopment District, or Tax Increment District established <br />before or after the applicable Effective Date whose wage or salary is less <br />than 180 percent of the federally mandated minimum wage in effect as <br />of the date of the applicable Development Agreement. <br />L. "Qualified Jobs" means jobs held by Qualifying Employees. <br />M. "Recipient" means any for -profit or non -profit business that receives a Subsidy. <br />N. "Redevelopment Activity" means an activity that includes the demolition and <br />replacement, or Substantial Rehabilitation, of physical facilities located upon real <br />property. <br />O. "Redevelopment District" means a tax increment district described in Section <br />469.174, subdivision 10 of the Tax Increment Act. <br />P. "Special Category Subsidy" means (1) any Subsidy of more than $25,000 but less <br />than $150,000 and (2) any Subsidy that is a business loan or is a guarantee of any <br />payment under any loan, lease or other obligation of more than $75,000 but less <br />than $150,000. <br />Q. "Subsidy" means any City grant, loan (at rates below those commercially <br />available to the Recipient) or contribution of personal property, real property or <br />infrastructure, any reduction or deferral of any tax or any fee, any guarantee of <br />any payment under any loan, lease, other obligation or any preferential use of <br />government facilities given to a business, except (1) any Subsidy, the value of <br />which is less than $25,000, (2) any Subsidy that is a business loan or guarantee of <br />any payment under any loan, lease or other obligation, the value of which is less <br />than $75,000 and (3) any additional exception described in Section 116J.993, <br />Subdivision 3 of the Act, which are incorporated herein by reference. <br />R. "Subsidy Agreement" means the agreement required by Section 116J.994, <br />subdivision 3 of the Act to be entered into by the City and the Recipient that <br />contains the Job and Wage Requirements described in Section 3 hereof, which <br />may be a Development Agreement or separate agreement. <br />S. "Substantial Rehabilitation" means rehabilitation of physical structure at a cost in <br />excess of 10 percent of the assessor's fair market value last assigned to that <br />structure prior to commencement of such rehabilitation. <br />3 - Business Subsidy Policy ver 2013 -01 -04 (2).docx <br />