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City and EDA of Ramsey Business Subsidy Policy 1 <br />1. City and EDA of Ramsey Business Subsidy Policy <br />The following business subsidy criteria are intended to satisfy the requirements <br />of Minnesota Statutes, § § 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 />A. MANDATORY CRITERIA <br />All projects must comply with the following criteria: <br />1. But For Test. There is a substantial likelihood that the project would <br />not go forward without the business sub 'dy. <br />2. Wage Policy. If the project results i <br />for each part-time and full-time <br />of the date assistance is receiv <br />to 70% of the most recent <br />County Metro County <br />Employment and Ec <br />cation of any jobs, the wage <br />ated must be, within two years <br />defined in the Act), at least equal <br />an wage figure for the Twin City 7 <br />ished by the Minnesota Department of <br />Development or such greater amount as the <br />ecific project. <br />The recipient <br />satisfactiorf t12e City that it has adequate financing for the project and <br />that the project will be completed in a timely fashion. <br />4. Com liance with Act. The business subsidy from the City must satisfy <br />irements of the Act. <br />City may require <br />3. Economic F <br />cl''''' usiness subsidy of $25,000 or more; and business loans and <br />guarantees of $75,000, must be reported to the Department of <br />OEmployment and Economic Development. A public hearing is only <br />required if the business subsidy is greater than $150,000. <br />must demonstrate to the <br />animum Subsia Amount: Financial assistance in the form of a <br />POLICY <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 />The Economic Development Authority and City of Ramsey, Minnesota. Policies. <br />