11.07 - Business Subsidy Policy - Laserfiche WebLink

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�- CITY OF PEQUOT LAKES BUSINESS SUBSIDY POLICY AND CRITERIA (As Modified August 7, 2007) I. INTRODUCTION AND DEFINITIONS This Business Subsidy Policy (the "Policy") is adopted for purposes of Minnesota Statutes, Sections 116J.993 through 116J.995 and as may be amended, (the "Business Subsidy Act") and Minnesota Statutes, Sections 469.310 through 469320 and as may be amended (the "Job Opportunities Building Zone Act" or "JOBZ Act," and with the Business Subsidy Act, the "Acts"). Terms used in this Policy are intended to have the same meanings as if used in the Acts, and any amendments or modifications to the Acts shall amend or modify the definitions and terms of this Policy without any further action of the City. This Policy shall apply only with respect to subsidies granted under the Acts if and to the extent required thereby. A copy of this policy shall be submitted to the Minnesota Department of Employment and Economic Development or a successor entity ("DEED") along with the first annual report. The City shall have the option of amending or waiving sections of this policy and criteria when determined necessary or appropriate. The Business Subsidy Act allows the City to deviate from its criteria by documenting in writing the reason for the deviation and attaching a copy of the document to its next annual report to DEED. Every potential business subsidy project within the City of Pequot Lakes (the "City") will be evaluated according to this Policy and the criteria set forth herein. Meeting all or a majority of the criteria, however, �... does not mean that a business subsidy will be awarded ar denied by the City. The City maintains its ability to approve or reject a business subsidy at its discretion, based on the merits of the project and the overall benefit to the community, usin�the criteria as a means of ineasurin� overall benefit. A. Business Subsidy Generally. A Business Subsidy, as further defined herein and in the Business Subsidy Act shall include, but not be limited to one of the following types of subsidies provided by the City: 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. Preferential use of governmental facilities, H. Land contribution, or I. 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. �