05.01 - Business Subsidy Public Hearing

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CITY OF PEQUOT LAKES BUSINESS SUBSIDY POLICY AND CRITERIA (As Modified February 1, 2011) 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"). 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 or 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, using the criteria as a means of ineasuring overall beneiit. II. BUSINESS SUBSIDY REQUIREMENTS The requirements for a Business Subsidy herein described apply to any Business Subsidy. If the Act is amended to modify any of these requirements, then the requirement or requirements set forth in the Act shall replace the requirement or requirements set forth in this Section and are incorporated herein without amendment to this Policy or any type of action of the City. A. Public Purpose. Every Business Subsidy must meet a public purpose as follows, which may include but must not be limited to increasing the tax base: 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, 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 a neighborhood and/or community, 3. Remediate pollution, 4. Promote the retention or reuse of historically significant property Consideration shall be given to requests that compete with existing businesses if they include redevelopment blighted areas, anchors for expanded infrastructure, overall benefits for the community, or provide greater utilization of existing infrastructure.