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b. The relocation is likely to result in a significant loss of jobs in the labor market area from which <br /> the relocation occurs <br /> The following are definitions to assist in determining if a business location falls under these provisions: <br /> • Labor Marketi Area (LMA):An LMA is an economically integrated geographic area where <br /> individuals can live and work within a reasonable distance or can readily change employment without <br /> changing their place of residence. <br /> • Operation: A business operation includes,but is not limited to,any equipment,production <br /> capacity or product line of the business. <br /> • Significant Loss of Jobs <br /> o A loss of jobs is significant if: <br /> • The number of jobs to be lost in the LMA in which the affected business is currently <br /> located is equal to or greater than one-tenth of on percent of the total number of <br /> persons in the labor force of that LMA; <br /> OR in all cases <br /> • A job is considered to be lost due to the provision of CDBG assistance if the job is <br /> relocated within three years of the provision of assistance to the business. <br /> • Notwithstanding the above definition,a loss of 25 jobs or fewer does not sonstitute a <br /> significant loss of jobs. <br /> XV. STATE REQUIREMENTS <br /> 1. MINNESOTA INVESTMENT FUND (MS.116J.8731) <br /> Wage Goals -Businesses receiving RLF assistance must pay each employee total compensation, <br /> including benefits not mandated by law,that on an annualized basis is equal to at least 110% of the <br /> federal poverty level for a family of four,which as of March 1,2012 is $12.19 per hour. The <br /> federal poverty level changes annually. <br /> Retail Businesses are not prohibited from receiving federal ED assistance. <br /> 2. MUNICIPAL RIGHTS, POWERS,DUTIES (MS 471.87-471.88) <br /> An officer of the city may not have a personal financial interest or personally benefit financially <br /> from the business to be assisted. <br /> 3. BUSINESS SUBSIDY LAW (MS 116J.993-116J.995). <br /> Any state or local government agency or public entity that provides financial assistance to a business <br /> must comply with this statute. <br /> 4. FIRST SOURCE AGREEMENT (MS 116L.66) <br /> A business that receives grants or loans in an amount greater than$200,000 must agree to list any <br /> vacant or new positions with the MN Department of Employment and Economic Development. <br /> 5. SURETY DEPOSITS REQUIRED FOR CONSTRUCTION CONTRACTS (MS 290.9705) <br /> Forgivable Loan Policy and Application I P I V I E N E I / T <br /> Page 9 of 20 NAME <br />