2023-02-22 CC Packet - REVISED - Laserfiche WebLink

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J. "Policy" means this policy setting forth the requirements and criteria for awarding a Subsidy, as approved by the City Council, and as the same may be amended from time -to -time at the discretion of the City Council. K. "Qualifying Employees" means Permanent Full -Time Employees or Full -Time Equivalent Employees employed within the property with regard to which a Subsidy is granted, and in the event such property consist of an expansion or addition to an already existing facility, it shall mean additional Permanent Full - Time and. Full -Time Equivalent Employees employed as a result of such expansion or addition. The following persons shall not be considered Qualifying Employees: (1) Contract personnel who are not employees of the Recipient, its tenants, or subtenants; or (2) Employees of a Recipient located within an Economic Development Districi, Redevelopment District, or Tax Increment District established before or after the applicable Effective Date whose wage or salary is less than 180 percent of the federally mandated minimum wage in effect as of the date of the applicable Development Agreement. L. "Qualified Jobs" means jobs held by Qualifying Employees. M. "Recipient" means any for -profit or non-profit business that receives a Subsidy. M "Redevelopment Activity" means an activity that includes the demolition and replacement, or Substantial Rehabilitation, of physical facilities located upon real property. O. "Redevelopment District" means a tax increment district described in Section 469.174, subdivision 10 of the Tax Increment Act. P. "Special Category Subsidy" means (1) any Subsidy of more than $25,000 but less than $150,000 and (2) any Subsidy that is a business loan or is a guarantee of any payment under any loan, lease or other obligation of more than $75,000 but less than $150,000. Q. "Subsidy" means any City grant, loan (at rates below those commercially available to the Recipient) or contribution of personal property, real property or infrastructure, any reduction or deferral of any tax or any fee, any guarantee of any payment under any loan, lease, other obligation or any preferential use of government facilities given to a business, except (1) any Subsidy, the value of which is less than S25,000, (2) any Subsidy that is a business loan or guarantee of any payment under any loan, lease or other obligation, the value of which is less than $75,000 and (3) any additional exception described in Section 116J993, Subdivision 3 of the Act, which are incorporated herein by reference. R. "Subsidy Agreement" means the agreement required by Section 116J.994, subdivision 3 of the Act to be entered into by the City and the Recipient that contains the Job and Wage Requirements described in Section 3 hereof, which may be a Development Agreement or separate agreement. S. "Substantial Rehabilitation" means rehabilitation of physical structure at a cost in excess of 10 percent of the assessor's fair market value last assigned to that structure prior to commencement of such rehabilitation. 3 -Business Subsidy Policy ver 2013-01-04 (2).docx