07-20-10 EDC Meeting - Laserfiche WebLink

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City of , Minnesota receive the tax benefits. New job wage requirements will apply to any new jobs created in the JOB Zone. Because it is not possible to anticipate every potential project desiring a subsidy, the governing body must retain the right to review and approve subsidies that result in public benefit but vary from the principles and criteria of this policy. The burden will be on the applicant to demonstrate, to the satisfaction of the City of and its agencies, that the public benefit justifies the requested subsidy. In all cases of business subsidy, where the subsidy is equal to or greater than the threshold prescribed in state statute, a subsidy agreement will be entered into between the funding entity and the recipient. This agreement will delineate the subsidy structure and amount, as well as the expected public benefit. The agreement will include provisions for repayment and other resolution options if the expected public benefit is not achieved. All business subsidies will be subject to the criteria outlined in Minnesota Statutes Section 116J.993 through Section 116J.995, except those subsidies as exempted by same. Policy adopted by City Council on the Policy revised by the City Council on the Page 2