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1. Public Hearing. When the value of a Business Subsidy exceeds$100,000,a properly noticed <br /> public hearing shall be held pursuant to the Business Subsidy Act, at which the amount of <br /> subsidy provided,the public purpose(s),and the specific,measurable, and tangible goals to be <br /> achieved shall be made known. <br /> 2. Length of Operation. All Business Subsidy Recipients must agree to continue operation <br /> within the City for at least 5 years after the benefit date as described in the Business Subsidy <br /> Act. After a public hearing,the City may authorize the Business Subsidy Recipient to move <br /> outside the City within the first five years of operation. <br /> 3. Pay Back Provisions and Extensions. Any Business: Subsidy Recipient must pay back <br /> assistance received if the job and wage goals or other specified goals are not met within two <br /> (2)years of the Benefit Date or such time as permitted.by the Acts as they may be amended. <br /> For all Business Subsidies,assistance provided by-the City must be paid back,with interest as <br /> determined in the Business Subsidy Act, to tlie`City, or at the City's request, to the account <br /> created under the Business Subsidy Act. Any repayment may be prorated by the City to <br /> reflect partial fulfillment of goals. The City tray, after a public hearing, extend the period for <br /> meeting job and wage goals for up to one year and may pursuant to the procedure in the Act, <br /> extend the period for meeting other goals for any period specified by the City. <br /> 4. Modification. The City reserves the right to modify this Policy fr nn-'time to time in <br /> accordance with the Act. <br /> 5. A copy of this policy shall be submtted.to the Minnesota Department of Employment <br /> and Economic Development or a successor entity ("DEED") along with the first annual <br /> report. The City shall have the option of amending or waiving sections of this policy <br /> and criteria when determined n cessa or appr' riate. The Business Subsidy Act <br /> allows the City to deviate from its criteria by documenting in writing the reason for the <br /> deviation and attaching a copy of the document to its next annual report to DEED. <br /> For more Information please contac". <br /> Brainerd ,akes Area Development Corporation(BLADC) <br /> Sheila Haverkamp <br /> 124 North Sixth Street <br /> Brainerd,MN 56401 <br /> 218-828-0096(148 =32-BLADC) <br /> infoa,bladc.org <br /> www.bladc.ore <br /> City of Pequot Lakes <br /> Sandy Peine—City Clerk <br /> 4638 County Road 11 <br /> Pequot Lakes,MN 56472 <br /> 218-568-5222 <br /> sneine @pequotlakes-mn. og_v <br /> www pequotlakes-mn. oovv <br />