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City and EDA of Ramsey Business Subsidy Policy 2 <br /> a. The evaluation of projects will take into consideration the proj ect's <br /> importance in and benefit to the community from all perspectives, <br /> including created or retained jobs. <br /> b. 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. 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. 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 /> 2. 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 /> C. PROJECT EVALUATION CRITERIA <br /> The project review and evaluation criteria are the following: <br /> 1. Jobs and Wages <br /> a. 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. 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 /> 2. Tax Base <br /> a. 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 /> The Economic Development Authority and City of Ramsey,Minnesota.Policies. <br />