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Burnsville Development Tools Criteria and Public Financing Policy Page 6 <br />6.Provides opportunity for the attraction of destination-oriented uses <br />such as outdoor recreation, entertainment and shopping <br />7.Provides opportunities for small businesses and/or entrepreneurs <br />8.Projects that promote resident economic stability <br />9.Redevelops a blighted, contaminated and/or challenged area <br />10.Preserves and/or stabilizes a major commercial or industrial node <br />11.Adds needed public infrastructure such as roads or structured <br />parking <br />5.BUSINESS SUBSIDY PUBLIC PURPOSE, JOBS AND WAGE REQUIREMENT: <br />A. All business assistance must meet a public purpose with measurable <br />benefit to the City as a whole. <br />B. Job retention may only be used as a public purpose in cases where job loss <br />is specific and demonstrable. The City shall document the information used <br />to determine the nature of the job loss. <br />C. The creation of tax base shall not be the sole public purpose of a subsidy. <br />D. Unless the creation of jobs is removed from a particular project pursuant to <br />the requirements of the Statutes, the creation of jobs is a public purpose for <br />granting assistance. Creation of at least 2 Full Time, or Full Time Equivalent <br />(FTE) jobs is a minimum requirement for consideration of assistance. For <br />purposes of this Policy, FTE jobs must be permanent positions with set <br />hours, and be eligible for benefits. <br />E. Part-Time Equivalent jobs may receive a partial credit and be counted <br />toward the job goals. <br />F. The wage floor for wages to be paid for the jobs created shall be not less <br />than 200% of the State of MN Minimum Wage. The City will seek to create <br />jobs with higher wages as appropriate for the overall public purpose of the <br />assistance. Wage goals may also be set to enhance existing jobs through <br />increased wages, which increase must result in wages higher than the <br />minimum under this Section. <br />G. After a public hearing, if the creation or retention of jobs is determined not <br />to be a goal, the wage and job goals may be set at zero.