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CITY OF PEQUOT LAKES <br /> BUSINESS SUBSIDY POLICY AND CRITERIA <br /> (As Modified February 1,2011) <br /> I. INTRODUCTION AND DEFINITIONS <br /> This Business Subsidy Policy (the "Policy") is adopted for purposes of Minnesota Statutes, <br /> Sections 116J.993 through 116J.995 and as may be amended, (the "Business Subsidy Act"). <br /> Every potential business subsidy project within the City of Pequot Lakes (the "City") will be <br /> evaluated according to this Policy and the criteria set forth herein. Meeting all or a majority of <br /> the criteria, however, does not mean that a business subsidy will be awarded or denied by the <br /> City. The City maintains its ability to approve or reject a business subsidy at its discretion, based <br /> on the merits of the project and the overall benefit to the community, using the criteria as a <br /> means of measuring overall benefit. <br /> II. BUSINESS SUBSIDY REQUIREMENTS <br /> The requirements for a Business Subsidy herein described apply to any Business Subsidy. If the <br /> Act is amended to modify any of these requirements, then the requirement or requirements set <br /> forth in the Act shall replace the requirement or requirements set forth in this Section and are <br /> incorporated herein without amendment to this Policy or any type of action of the City. <br /> A. Public Purpose. Every Business Subsidy must meet a public purpose as follows, which may <br /> include but must not be limited to increasing the tax base: <br /> Enhance Economic Growth <br /> 1. Increase the tax base, <br /> 2. Foster economic and commercial diversity, <br /> 3. Stabilize the community, <br /> 4. Provide basic goods and services, <br /> 5. Fully utilize existing or planned infrastructure improvements, <br /> 6. Assist in the development of public improvements or facilities, <br /> Create and Retain High Quality Jobs in Pequot Lakes <br /> 1. Create high quality jobs, <br /> 2. Retain high quality jobs, <br /> Enhance the Value of Surrounding Properties <br /> 1. Prevent or eliminate blight, <br /> 2. Revitalize a neighborhood and/or community, <br /> 3. Remediate pollution, <br /> 4. Promote the retention or reuse of historically significant property <br /> Consideration shall be given to requests that compete with existing businesses if they <br /> include redevelopment of blighted areas, anchors for expanded infrastructure, overall <br /> benefits for the community, or provide greater utilization of existing infrastructure. <br /> Page 1 <br />