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If requested by the City, the developer shall provide adequate £mancial guarantees to <br />ensure completion of the project, including, but not limited to: assessment <br />ageements, letters of credit, cash escrows, and personal guaranties. <br /> <br />Each developer must be able to demonstrate to the CitTfs satisfaction, an ability to <br />construct, operate, and maintain the proposed project based on past experience, <br />general reputation, and credit history. <br /> <br />If requested by the City, or its consultants, the developer shall provide sufficient <br />market, financial, environmental, or other data relative to the successful operation of <br />the project. <br /> <br />Projects receiving business subsidy approval from other affected taxfng jurisdictions <br />will be more favorably received by the Cityy. <br /> <br />Vo <br /> <br />GUIDELINES FOR COMPIERCIAL/INDUSTRIAL BUSINESS <br />SUBSIDIES <br /> <br />Business subsidies will not be used for on-site retail or 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 /> <br />The project must be consistent with the City's Comprehensive Plan, Land Use Plan, <br />and Zoning Ordinances. <br /> <br />The project must result in the retention of existing jobs that would be lost "but for" <br />the proposed development or result an increase and diversification in local jobs. <br />Business retention jobs will be considered on a one-for-one match to job creation <br />only in cases ~vhere job loss is specific and demonstrable in accordance with the MN <br />Business Subsidy Law. <br /> <br />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 shnilar factors. The recipient will have up to <br />two.years to meet the job and wage goals established by the City. The ~rfinh-num <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 /> <br />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 /> <br />City of Elk lUx, er Business Subsidies Policy 4 <br /> <br /> <br />