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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. The recipient will have up to <br /> two years from the benefit date,which is the date that the recipient receives the <br /> subsidy, to meet the job and wage goals established by the City. <br /> 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 /> VI. 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 $150,000, the City shall provide <br /> public notice and hold a hearing on the subsidy unless a hearing and notice on the <br /> subsidy is otherwise required by law. <br /> VII. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br /> Each company receiving a business subsidy shall be subject to the subsidy agreement and <br /> reporting provisions and requirements set forth by the Minnesota Business Subsidy Law and <br /> summarized below: <br /> City of Elk River Business Subsidy Policy <br /> Amended Aril 2015 P 0 W E R E 0 0 r <br /> Page 7of8 INAWR • <br />