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CITY OF PEQUOT LAKES <br /> BUSINESS SUBSIDY POLICY AND CRITERIA <br /> (As Modified August 7,2007) <br /> I. INTRODUCTION AND DEFINITIONS <br /> This Business Subsidy Policy (the "Policy") is adopted for purposes of Minnesota Statutes, Sections <br /> 116J.993 through 116J.995 and as may be amended, (the "Business Subsidy Act") and Minnesota <br /> Statutes, Sections 469.310 through 469.320 and as may be amended (the "Job Opportunities Building <br /> Zone Act" or"JOBZ Act," and with the Business Subsidy Act,the "Acts"). Terms used in this Policy are <br /> intended to have the same meanings as if used in the Acts, and any amendments or modifications to the <br /> Acts shall amend or modify the definitions and terms of this Policy without any further action of the City. <br /> This Policy shall apply only with respect to subsidies granted under the Acts if and to the extent required <br /> thereby. <br /> A copy of this policy shall be submitted to the Minnesota Department of Employment and <br /> Economic Development or a successor entity ("DEED") along with the first annual report. The <br /> City shall have the option of amending or waiving sections of this policy and criteria when <br /> determined necessary or appropriate. The Business Subsidy Act allows the City to deviate from its <br /> criteria by documenting in writing the reason for the deviation and attaching a copy of the <br /> document to its next annual report to DEED. <br /> Every potential business subsidy project within the City of Pequot Lakes (the "City") will be evaluated <br /> according to this Policy and the criteria set forth herein. Meeting all or a majority of the criteria, however, <br /> does not mean that a business subsidy will be awarded or denied by the City. The City maintains its <br /> ability to approve or reject a business subsidy at its discretion, based on the merits of the project and the <br /> overall benefit to the community,usin. the criteria as a means of measurin. overall benefit. <br /> A. Business Subsidy Generally. A Business Subsidy, as further defined herein and in the Business <br /> Subsidy Act shall include, but not be limited to one of the following types of subsidies provided <br /> by the City: <br /> A. Loan, <br /> B. Grant, <br /> C. Tax abatement, <br /> D. TIF or other tax reduction or deferral, <br /> E. Guarantee of payment, <br /> F. Contribution of property or infrastructure, <br /> G. Preferential use of governmental facilities, <br /> H. Land contribution, or <br /> I. Other specified subsidy. <br /> A Business Subsidy does not include assistance of less than $25,000 in gross value, business <br /> loans or loan guarantees of less than $75,000 in gross value, assistance generally available to all <br /> businesses, housing assistance, or any other type of assistance specifically excluded in the <br /> Business Subsidy Act. <br /> 2 <br />