05.01 - Business Subsidy Public Hearing

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1. Comply with the City's comprehensive plan and any other approved plans created by �-- the City to guide development, 2. Enter into a Business Subsidy Agreement with the City that complies with the Act, 3. Agree to comply with annual reporting as required by the Act, 4. Meet a public purpose and either achieve job and wage goals or other goals as described, 5. Meet all of the additional policies set forth below, including holding a public hearing if required and complying with payback provisions. E. 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: 1. Loan, 2. Grant, 3. Tax abatement, 4. TIF or other tax reduction or deferral, 5. Guarantee of payment, �- 6. Contribution of property or infrastructure, 7. Reduced or abated sewer and water availability fees, 8. Reduced or abated permit or development fees, 9. Preferential use of governmental facilities, 10. Land contribution, or 1 l. Other specified subsidy. A Business Subsidy does not include a business subsidy of less than $150,000, business loans or loan guarantees of $150,000 or less, 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 deiined 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 deiined 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. �.