Laserfiche WebLink
CITY OF LITTLE CANADA <br />BUSINESS SUBSIDY POLICY AND CRITERIA <br />1. PURPOSE <br />1.01 The purpose of this policy and criteria is to establish the City of Little Canada, Minnesota's (the <br />"City ") position as it relates to business subsidies under the Job Opportunity Building Zones <br />Act pursuant to Minnesota Statutes, Sections 469.310 through 469.320 (the "JOBZ Act ") and the <br />general Business Subsidy Act pursuant to Minnesota Statutes, Sections 1161993 through <br />1161995 (the "Business Subsidy Act ", and with the JOBZ Act, the "Acts "). This policy and <br />criteria shall be used as a guide in processing and reviewing applications requesting business <br />assistance. A copy of this policy shall be submitted to the Minnesota Department of Employment <br />and Economic Development or a successor entity ( "DEED ") along with the first annual report. <br />1.02 The 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 <br />its 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 />1.03 Meeting all or a majority of the criteria, however, does not mean that the business subsidy will be <br />awarded or denied by the City. The City maintains its ability to approve or reject a business <br />subsidy at its discretion, based on the merits of the project and the overall benefit to the <br />community, using the criteria as a means of measuring overall benefit. <br />2. STATUTORY LIMITATIONS <br />2.01 In accordance with the City's Business Subsidy Policy and Criteria, assistance requests must <br />comply with applicable laws of the State of Minnesota. <br />2.02 Any amendments or modifications to the Acts shall amend or modify the terms and definitions of <br />this policy and criteria without any further actions of the City. <br />3. DEFINITIONS <br />3.01 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 />87- <br />