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CITY OF PEQUOT LAKES CROW WING COUNTY STATE OF MINNESOTA Council member Ryan introduced the following resolution and moved its adoption: RESOLUTION NO. 07-19 RESOLUTION ADOPTING A MODIFIED POLICY AND CRITERIA FOR GRANTING BUSINESS SUBSIDIES BE IT RESOLVED By the City Council ("Council") of the City of Pequot Lakes, Minnesota ("City")as follows: Section 1. Recitals. 1.01. Minnesota Statutes, Sections 116J.993 through 116J.995 (the "Act") requires the adoption of a policy and criteria for the granting of business subsidies as defined in the Act; and, 1.02. The City has determined that it is necessary and appropriate to adopt a modified business subsidy policy and criteria(the "Policy")pursuant to the Act; and, 1.03. The City has performed all actions required by law to be performed prior to the adoption and approval of the Policy, including the holding of a public hearing upon published notice on August 7, 2007, as required by law. Section 2. City Approval;Further Proceedings 2.01. The Policy, attached as Exhibit A hereto, is hereby approved, ratified, established, and adopted and shall be placed on file at City Hall. 2.02. The City Clerk is authorized and directed to file a copy of the Policy, along with annual reports,with the Minnesota Department of Employment and Economic Development,pursuant to the Act. The motion for the adoption of the foregoing resolution was duly seconded by Council member Oraskovich, and upon a vote being taken thereon,the following voted in favor thereof: Mayor Malecha, Council Members Nagel,Ryan, Sjoblad, and Oraskovich and the following voted against the same: None Dated: August 7,2007 ATTEST: � t Cathy lecha, Mayor Sandra A. Peine, City Clerk (Seal)