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G. If requcsted by the City, the developer shall provide adequate financial guarantees to <br />ensure completion of the project, including, but not limited to' assessment <br />agreements, letters of credit, cash escrows, and personal guaranties. <br />H. Each developer must be able Yo demonstrate to the City's satisfaction, an ability to <br />constmct, operate, and maintain the proposed project based on past expexienco, <br />general reputation, and credit history. <br />L If requested by the City, or its consultants, the developer shall provide sufficient <br />market, financial, environmental, ox other data relative to the successful operation of <br />the project. <br />J. Projects receiving business subsidy approval from other affected taxing jurisdictions <br />will be more favorably received by the City. <br />V. GUIDELINES FOR COMMERCIAL/INDUSTRIAL BUSINESS <br />SUBSIDIES <br />A. Business subsidies will not be used for on-site retail ox service businesses unless it is <br />a redevelopment project that demonstrates that it will result in a substantial increase <br />in tax base and a significant improvement in quality employment. <br />B. The project must be consistent with the City's Comprehensive Plan, Land Use Plan, <br />and Zoning Ordinances. <br />C. "1 he project must result in the retention of existing jobs that would be lost "but fox" <br />the proposed development ox result an increase and diversification in local jobs. <br />Business retention jobs will be considered on a one-fox-one match to job creation <br />only in cases where job loss is specific and demonstrable in accordance with the MN <br />Business Subsidy Law. <br />D. Specific wage and job goals will be determined by the City giving consideration to <br />the particular form of the subsidy, nature of the development, the purpose of the <br />subsidy, local economic conditions and similar factors. "Phe recipient will have up to <br />two years to meet the job and wage goals established by the City. The minimum <br />wage for a job to be considered a new or retained job shall be $15.00 per hour <br />exclusive of benefits. Deviations less than the wage floor will be considered on a <br />case-by-case basis and in accordance with the requirements of the MN Business <br />Subsidy Law. <br />E. Business subsidies will not be used fox commercial/industrial projects that have a <br />history of inconsistent compliance with applicable environmental rules and <br />regulations. <br />City of l;lk River Business Subsidies Policy <br />