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1ST DRAFT 9/09/02 <br /> • IV. GUIDELINES FOR COMMERCIAL/INDUSTRIAL BUSINESS <br /> SUBSIDIES <br /> A. 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 /> B. The project must be consistent with the City's Comprehensive Plan,Land Use Plan, <br /> and Zoning Ordinances. <br /> C. 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 where job loss is specific and demonstrable in accordance with the MN <br /> Business Subsidy Law. <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 minimum wage floor to <br /> be considered by the City shall be $15.00 per hour exclusive of benefits. <br /> E. Business subsidies will not be used for commercial/industrial projects that have a <br /> history of inconsistent compliance with applicable environmental rules and <br /> • regulations. <br /> V. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br /> Individuals or business developers receiving business subsidies assistance from the City shall <br /> enter into appropriate agreements that identify the reason for the subsidy, the public purpose <br /> served by the subsidy, and the specific goals to be attained. All agreements and reports, <br /> whether required by the State of Minnesota or the City, shall be timely prepared and filed. <br /> Failure to comply with any of these requirements may result in a revocation of the requested <br /> subsidy as well as fines,repayment requirements, and a determination that the individual or <br /> business is ineligible for loans or grants from public entities for a period of years. <br /> VI. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> A. Application for business subsidies shall be made on forms for the particular form of <br /> assistance provided by the City of Elk River Director of Economic Development, or <br /> designee. A fee of$ 5,000.00 shall accompany any Tax Increment Finance,Tax <br /> Abatement, or grant request application to cover the City's initial legal, <br /> administrative, and planning costs. Micro-Loan applications shall include a fee in the <br /> amount of 1% of the loan requested. <br /> City of Elk River Business Subsidies Policy 3 <br />