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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 /> eater, 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 /> VIA GUIDELINES INES COQ REDEVELOPMENT AND RENOVATION <br /> BUSINESS SUBSIDIES <br /> lia accordance with the AIN Business Subsidy Law, the followifig forms of fillancial <br /> related to redevelopmeftf, and renovation are tiot a "busitiess » <br /> A. Assistance provided for the sole purpose of renovating old or decaying bui" <br /> stock or bfifong it" to code,pro-,�:ided that the assistance is equal to or less <br /> than 50 pereeftt of the total cost <br /> B. Assistance for pollution contfol or abatemei-.t <br /> C. Redeveloptneiat when the recipiew's iiwestffieftt in the purchase of the site aia <br /> —Le preparation is 70 pereetit or more of the assessor's current year's estimate <br /> market al <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 $100,000 $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 May 200E February 2014 <br />