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m C J U L-U I ION APPENDIX 4. 3oL <br /> of the <br /> CITY OF <br /> MINNEAPOLIS <br /> Ely Niland. Biernat. Campbell, Cherrvhomes. Herron. McDonald, Mead and Thurber <br /> Adopting a Living Wage Policy. <br /> Resolved that The City Council of The City of Minneapolis adopt the following <br /> Living Wage Policy: <br /> Preamble: The following recommendations are made in order to assure that <br /> whenever Minneapolis invests public funds in economic development projects, those <br /> projects create the greatest number of living wage jobs possible for Minneapolis <br /> residents. In addition to these specific recommendations, City policy makers must keep <br /> the critical need for living wage jobs before them whenever they consider investing <br /> public dollars in development projects. <br /> 1. City economic development assistance should require the creation or <br /> retention of full time jobs with a living wage - <br /> A) Except when any of the following conditions are met: <br /> i) the cumulative assistance package totals less than <br /> 5100,000 in any one fiscal year, or <br /> ii) the business receiving the assistance is a small business as <br /> defined by Minnesota Statute 645.445; or <br /> iii) the recipient is an intermediary, such as a community <br /> development corporation or community bank, which serves <br /> as a pass-through agency for the granting of assistance. <br /> B) Assistance in excess of $100,000 in any one fiscal year will trigger <br /> this provision. For the purpose of this provision, assistance should <br /> be broadly defined as: <br /> i) land sales at less than a fair market price when the amount <br /> of the reduction in the sale price below the fair market price <br /> exceeds the assistance trigger, <br /> l / <br /> Cx'.31 Aev.7//9 <br />