2016-10-17_EDA_Agenda_Packet - Laserfiche WebLink

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8a. Attachment A 11.Adds needed road, access and multi-modal improvements 12.Addition of specific project enhancements including, but not limited to, architectural upgrades, pedestrian and transit connections, green building practices and enhanced site planning features. 5.BUSINESS SUBSIDY PUBLIC PURPOSE, JOBS AND WAGE REQUIREMENT A.All business subsidies must meet a public purpose with measurable benefit to the City as a whole. B.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. C.The creation of tax base shall not be the sole public purpose of a subsidy. D.Unless the creation of jobs is removed from a particular project pursuant to the requirements of the Statutes, the creation of jobs is a public purpose for granting a 3 subsidy. Creation of at least Full Time, or Full Time Equivalent (FTE) jobs is a minimum requirement for consideration of assistance. For purposes of this Policy, FTE’s must be permanent positions with set hours, and be eligible for benefits. E.The wage floor for wages to be paid for the jobs created shall be not less than 300% of the State of MN Minimum Wage. 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. F.After a public hearing, if the creation or retention of jobs is determined not to be a goal, the wage and job goals may be set at zero. 6.SUBSIDY AGREEMENT A.In granting a business subsidy, the City shall enter into a subsidy agreement with the recipient that provides the following information: wage and job goals (if applicable), commitments to provide necessary reporting data, and recourse for failure to meet goals required by the Statutes. B.The subsidy agreement may be incorporated into a broader development agreement for a project. C.The subsidy agreement will commit the recipient to providing the reporting information required by the Statutes.