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E. The minimum wage for a job to be considered a new or retained job shall be the <br /> greater of$15.00 per hour or 150% of state or federal minimum wage,whichever is <br /> greater, exclusive of benefits required by law. Deviations from the job and wage goal <br /> may be considered for projects that will result in a significant increase in tax base. <br /> Deviations less than the wage floor will be considered on a case-by-case basis and in <br /> accordance with the requirements of the Minnesota Business Subsidy Law. <br /> F. Business subsidies will not be used for commercial/industrial projects that have a <br /> history of inconsistent compliance with applicable environmental rules and <br /> regulations. <br /> . • • .. • . 11 • <br /> • <br /> -BUSINESS-SUBSIDIES <br /> IBSIDIES <br /> In accordancc with the MN Business Subsidy Law, the following forms of financial <br /> A. Assistance provided for the sole purpose of renovating old or decaying building <br /> stock or bringing it up to code,provided that the assistance is equal to or less <br /> than 50 perccnt of the total coat; <br /> B. Assistance for pollution control or abatement; <br /> C. Redevelopment when the recipient's investment in the purchase of the site and <br /> in site preparation i3 70 percent or more of the assessor's current year's estimated <br /> market value. <br /> VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> A. Application for business subsidies shall be made on the City's forms for the <br /> particular type of assistance. The application for business subsidies shall request <br /> information required within the City's policies on the particular form of subsidy <br /> including but not limited to;a detailed description of the project;a preliminary site <br /> plan;the amount of business subsidy requested; the public purpose of the project; <br /> the number and types of jobs to be created;the wages and benefits to be paid new <br /> employees; and verifiable funding sources and uses. <br /> B. Following a review by appropriate City Staff the application shall be referred to the <br /> either the Economic Development Authority, or Housing and Redevelopment <br /> Authority, for recommendation to the City Council for denial or approval. <br /> C. Before granting a business subsidy that exceeds WORN$150,000, the City shall <br /> provide public notice and hold a hearing on the subsidy unless a hearing and notice <br /> on the subsidy is otherwise required by law. <br /> City of Elk River Business Subsidy Policy 6 <br /> Amended May2006 February 2014 <br />