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<br /> <br />_:~~:.._i:~:~0;:~.~~:::~:::.~.":- ~ --- -"--._~' - <br /> <br />., . - . - " .'., . -.-- -'. ~'- ~. . -. . .',. . ,. <br />---,---"~:;::.--~~;...".:...-,..:....::...~--,-.-".=.:."."..--"==-",--,,.;... - <br />" " <br /> <br />_J-,'~~:::~"'::";".~,..:--,_.,-,~-,,,----,~..------....:...-. ._,-~--,---------" <br /> <br />CitY and EDA of Ramsey Business Subsidy Policy <br /> <br />1. City and EDA of Ramsey Business Subsidy Policy <br /> <br />The following business subsidy criteria are mtended to satisfy the requirements <br />of Minnesota Statutes, SS 116J.993 through 116J.995 (the "Act"). The term <br />"City" means the City of Ramsey. The term "project" means the property with <br />respect to which the business subsidy is provided. <br /> <br />A. MANDATORY CRITERIA <br /> <br />All projects must comply with the following criteria: <br /> <br />1. But For Test. There is a substantial likelihood thatthe project would <br />" " <br />not go forward without the business subsidy. <br /> <br />2. Wage Policv. If the project results in the creation of any jobs, the wage <br />for each part-time and full-time job created must be, within two years <br />ofthe date assistance is received(as defined in the Act), at least equal <br />to 70% of the most recent average weekly wage figures for the Twin <br />City 7 County Metro County as published" by the Minnesota <br />Department of Employment and Economic Development or such <br />greater amount as the City may require for a specific project. <br /> <br />3. Economic Feasibility. The recipient must demonstrate to the <br />satisfaction of the City that it has adequate fmancing for the project and <br />that the project will be completed in Ii timely fashion. <br /> <br />4. Comvliance with Act. The business subsidy from the City must satisfy <br />all requirements of the Act. <br /> <br />5. Minimum Subsidv Amount: Financial assistance in the form of a <br />business subsidy of $25,000 or more; and business loans and <br />guarantees of $75,000, must be reported to the Department of <br />Employment and Economic Development. A public hearing is only <br />required if the business sub~idy is greater than $150,000. <br /> <br />"B. POLICY <br /> <br />1. The City recognizes that the creation of good paying jobs is "a desirable <br />goal which benefits the community. Nevertheless, not all projects <br />assisted with subsidies derive their public purposes and importance <br />solely by virtue of job creation. In addition, the imposition of high job <br />creation requirements and high wage level requirements may be <br />unrealistic and counter-productive in the face of larger economic forces <br />of influence and the financial and competitive circumstances of an <br />individual business. In determining the requirements for a project under" <br />consideration for a business subsidy, the determination of the number <br />of jobs to be created "and the wage levels therefore will be guided by"the <br />following principles and criteria: <br /> <br />14 <br /> <br />The Economic Development Aulhority and City of Ramsey, Minnesota. Policies. <br />