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Business Subsidy Policy <br /> <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 extent required thereby. <br /> <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 and high wage level requirements may be unrealistic and counter-productive in the face <br />of global economic forces and the financial and competitive circumstances of an individual business. <br /> <br /> When considering requests for business subsidies, the grantor shall be guided by the following <br />principles and criteria for establishing job creation and wage level goals: <br /> <br />Each project shall be evaluated on a case by case basis, recognizing its importance and <br />benefit to the community from all perspectives, including created or retained <br />employment positions and investment in the community. <br /> <br />If a particular project does not involve the creation of jobs in the community, but is <br />nonetheless found to be worthy of support and subsidy, it may be approved without <br />any specific job or wage goals, as may be permitted by applicable law. <br /> <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 of <br />those jobs is imminent. <br /> <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 <br /> the recipient of the subsidy has control, the individual financial resources of the <br /> recipient and the competitive environment in which the recipient's business exists. <br /> <br />· Because it is not possible to anticipate every type of'Pi;oject which may be desirable <br /> to the community, the governing body must retain the right in its discretion to <br /> approve projects and subsidies which may vary from the principles and criteria <br /> outlined by this Policy. <br /> <br />Adopted by: <br /> <br />Date of adoption: <br /> <br />Date of public hearing: <br /> <br /> <br />