10-19-10 EDC Meeting - Laserfiche WebLink

Home Browse Search

A. Loan, B. Grant, C. Tax abatement, D. TIF or other tax reduction or deferral, E. Guarantee of payment, F. Contribution of property or infrastructure, G. Reduced or abated sewer and water availability fees, H. Reduced or abated permit or development fees, I. Preferential use of governmental facilities, J. Land contribution,or K. Other specified subsidy. A Business Subsidy does not include assistance of less than $25,000 in gross value, business loans or loan guarantees of less than $75,000 in gross value, assistance generally available to all businesses, housing assistance, or any other type of assistance specifically excluded in the Business Subsidy Act. F. Further Definitions. The following defined terms apply to business subsidies, Any terms not defined herein shall have the meanings set forth in the Acts. If the Acts are amended to affect any of these defined terms, then the definition or definitions set forth in the Acts shall replace the definition or definitions set forth within this Section and be incorporated herein without amendment to this Policy or any type of action of the City. "Benefit Date"means the Benefit Date as defined in the Business Subsidy Act. "Business Subsidy"means a Business Subsidy as defined by the Business Subsidy Act. "Business Subsidy Agreement"means the agreement between the Recipient as defined herein and the City entered.into pursuant to the Business Subsidy Act describing the subsidy, specific tangible goals (i.e., create number of jobs, establish minimum wage rates and time periods in which goals will be achieved) and providing remedy for failure to achieve goals and providing for reporting to the State of Minnesota. "Business:Subsidy Recipient"means a Recipient as defined by the Business Subsidy Act. "Business Subsidy Report" means the annual reports submitted by the City each year for each business receiving a Business Subsidy in the City in order to comply with the Business Subsidy Act. "DEED" means the Minnesota Department of Employment and Economic Development or a successor entity. "Full-Time Equivalent(FTE)" means a job requiring 2,080 hours per year. G. Additional Policies. All businesses receiving a general Business Subsidy or a JOBZ Business Subsidy shall also comply with the following: