10-19-10 EDC Meeting - Laserfiche WebLink

Home Browse Search

City of Pequot Lakes Business Subsidy Policy The following business subsidy criteria are intended to satisfy the requirements of Minnesota Statutes Sections 116J.993 through 1161995 (the "Act"). A. BUSINESS SUBSIDY PUBLIC PURPOSE. The public purposes of this policy shall be to accomplish the following on behalf of the City of Pequot Lakes: Enhance Economic Growth 1. Increase the tax base, 2. Foster economic and commercial diversity, 3. Stabilize the community, 4. Provide basic goods and services, 5. Fully utilize existing or planned infrastructure improvements, 6. Assist in the development of public improvements or facilities,and Create and Retain High Quality Jobs in Pequot Lakes 1. Create high quality jobs, 2. Retain high quality jobs, Enhance the Value of Surrounding Properties 1. Prevent or eliminate blight, 2. Revitalize the neighborhood and community, 3. Remediate pollution, Promote the retention or reuse of historically significant property This policy is adopted in compliance with Minn. Stat. § 116J.994, subd. 2. A copy of the policy shall be submitted to the Minnesota Department of Employment and Economic Development. B. DEFINITIONS. 1. Benefit Date "Benefit date"means the date that the recipient receives the business subsidy. If the business subsidy involves the purchase, lease, or donation of physical equipment,then the benefit date begins when the recipient puts the equipment into service. If the business subsidy is for improvements to property,then the benefit date refers to the earlier of either: (1)when the improvements are finished for the entire project; or(2)when a business occupies the property. 2. Business "Business"means a for-profit business entity or a nonprofit entity meeting the requirements of Minn. Stat. § 1161993, subd. 3. 3. Business Subsidy "Business Subsidy"means a state or local government agency grant, contribution of personal