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<br /> <br />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 /> <br /> <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 /> <br /> <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 /> <br /> <br />VI. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> <br /> <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 /> <br /> <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 /> <br /> <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 /> <br /> <br />VII. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br /> <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 February 2014April 2015 <br />Page 7 of 8 <br /> <br />