“Reward Program for Qualified Referred Business Prospects”

Rules, Procedures and Criteria

1.  An application will only be considered as officially received if it is deemed to be complete.

2.  Any application, once officially received by the MIDC, will be considered as active for a period of up to three years maximum hence.  If requirements or promised results do not mature or fully occur within the three-year period, the application will be considered as having expired.

3.  A referred business prospect will be considered to be “qualified” only if it results in a qualifying business development that creates three (3) new full-time equivalency jobs (see #4) within one-year of start-up.  The objective of this rewards program is to create new positions of employment that are unique and not deemed to be in direct competition with existing businesses within the Montevideo community area.  The relocation of an existing business from within a twenty-five mile radius of Montevideo will be considered strictly on a per-case basis.

4.  All jobs that are created shall have a total wage and “benefit” compensation equal to, or greater than, the Non-Metro Wage Threshold for the Minnesota Investment Fund (MIF), as established and amended from time-to-time by the Minnesota Department of Employment and Economic Development (DEED).

5.  The identified referred business prospect must have as one of its base elements a business activity site that is within the Montevideo community proper unless a mitigating direct impact can be demonstrated by the applicant to the MIDC.

6.  In order for a referred business prospect to be considered as qualified, the MIDC or its designee, must, if it so chooses, be afforded the opportunity to fully inspect and evaluate a valid business plan and pro forma germane to the stated employment expansion.

7.  Any and all rewards for a successful qualified referred prospect will be paid once the business entity has been actively engaged in business at the location of the newly created jobs for a period of at least twelve (12) months.

8.  The initial reward base will be an amount of $5,000 per approved qualified referred prospect.

9.  This reward program is open to the participation of all persons age 18 and older that are not members of the MIDC Board, including their immediate families.

10.  The MIDC Board or its designee will be the final authority on all issues concerning the Reward Program for Qualified Referred Business Prospects.  It reserves the right of all final decision-making authority regarding the operation of this incentive program.  It further reserves the right to terminate or amend its sponsorship of the program at any time and for any reason.

11.  All questions and referrals should be directed to: