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IPBusiness Subsidy Policy <br /> This Policy is adopted for purposes of the business subsidies act (the "Act"), which is <br /> Minnesota Statutes, Sections 116J.993 through 116J.995. Terms used in this Policy are intended to <br /> have the same meanings as used in the Act,and this Policy shall apply only with respect to subsidies <br /> granted under the Act if and to the extend required thereby. <br /> While it is recognized that the creation of good paying jobs is a desirable goal which benefits <br /> the community, it must also be recognized that not all projects assisted with subsidies derive their <br /> public purposes and importance solely by virtue of job creation. In addition,the imposition of high <br /> job creation requirements and high wage levels may be unrealistic and counter-productive in the face <br /> of larger economic forces and the financial and competitive circumstances of an individual business. <br /> With respect to subsidies,the determination of the number of jobs to be created and the wage <br /> levels thereof shall be guided by the following principles and criteria: <br /> • Each project shall be evaluated on a case by case basis, recognizing its importance <br /> and benefit to the community from all perspectives, including created or retained <br /> employment positions. <br /> • • If a particular project does not involve the creation of jobs,but is nonetheless found <br /> to be worthy of support and subsidy,it may be approved without any specific job or <br /> wage goals, as may be permitted by applicable law. <br /> • In cases where the objective is the retention of existing jobs, the recipient of the <br /> subsidy shall be required to provide reasonably demonstrable evidence that the loss <br /> of those jobs is imminent. <br /> • The setting of wage and job goals must be sensitive to prevailing wage rates, local <br /> economic conditions,external economic forces over which neither the grantor nor the <br /> recipient of the subsidy has control,the individual financial resources of the recipient <br /> and the competitive environment in which the recipient's business exists. <br /> • Because it is not possible to anticipate every type of project which may in its context <br /> and time present desirable community building or preservation goals and objectives, <br /> the governing body must retain the right in its discretion to approve projects and <br /> subsidies which may vary from the principles and criteria of this Policy. <br /> Adopted by: <br /> Date of adoption: <br /> • Date of public hearing: <br /> 1070590.1 <br />