Laserfiche WebLink
<br />City and EDA of Ramsey Business Subsidy Policy <br />2 <br /> <br />a. <br /> The evaluation of projects will take into consideration the project's <br />importance in and benefit to the community from all perspectives, <br />including created or retained jobs. <br />b. <br /> If a particular project does not involve the creation of jobs, but is <br />nonetheless found to be worthy of support and subsidy, assistance <br />may be approved without any specific job or wage goals if permitted <br />by applicable law. <br />c. <br /> In cases where the objective is the retention of existing jobs, the <br />recipient of the subsidy will be required to provide evidence which <br />demonstrates that the loss of those jobs is specific and <br />demonstrable. <br />d. <br /> The setting of wage and job goals will be informed by (i) prevailing <br />wage rates, (ii) local economic conditions, (iii) external economic <br />forces over which neither the City nor the recipient of the subsidy <br />has control, (iv) the financial resources of the recipient and (v) the <br />competitive environment in which the recipient's business exists. <br /> <br />2. <br /> Because it is not possible to anticipate all the needs and requirements of <br />every type of project and the ever-changing needs of the community <br />and in order to retain the flexibility necessary to respond to all <br />proposed projects, the City retains the right to approve projects and <br />business subsidies which may vary from the principles and criteria set <br />forth herein. <br /> <br />C. <br /> PROJECT EVALUATION CRITERIA <br />The project review and evaluation criteria are the following: <br /> <br />1. <br /> Jobs and Wages <br /> <br />a. <br /> New Jobs. The minimum net number of direct full time equivalent <br />jobs to be created or retained by the proposed project for a period <br />of at least two years from the estimated benefit date. <br />b. <br /> Payroll. The minimum annual net payroll (including employer <br />contributions for health benefits) to be generated at the end of the <br />second anniversary date of the estimated benefit date. <br /> <br />2. <br /> Tax Base <br /> <br />a. <br /> Increase in Tax Base. The net increase in property taxes <br />estimated to be generated by the project in the second full year <br />of operation. <br /> <br /> <br />The Economic Development Authority and City of Ramsey, Minnesota. Policies. <br /> <br /> <br />