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City of Little Canada <br />Business Subsidy Criteria <br />October 27, 1999 <br />1 PURPOSE AND AUTHORITY <br />DRAFT <br />1.01 The purpose of this document is to establish the criteria for the City of Little Canada (the <br />"Grantor ") for granting of business subsidies for private development. Thess criteria shall <br />be used as a guide in the processing and reviewing applications requesting business <br />subsidies. <br />1.02 The City of Little Canada's ability to grant business subsidies is governed by the <br />limitations established in Minnesota Statutes 11.61993 through 116J.994 (the "Statutes "). <br />1.03 These criteria are to be used in conjunction with other relevant policies of the Grantor. <br />1.04 The criteria set forth in this document are guidelines only. The Grantor reserves the right <br />in its discretion to approve business subsidies that vary from the criteria stated herein if <br />the Grantor detetuiines that the subsidy nevertheless serves a public purpose. <br />1.05 The Grantor may amend this document at any time. Amendments to these criteria are <br />subject to public hearing requirements contained in the Statutes. <br />2 PUBLIC POLICY REQUIREMENT <br />2.01 All business subsidies must meet a public purpose other than increasing the tax base. Job <br />retention may only be used as a public purpose in cases where job loss is imminent and <br />demonstrable <br />3 BUSINESS SUBSIDY APPROVAL CRITERIA <br />3.01 Unless specifically excluded by the Statutes, business subsidies include grants by state or <br />local government agencies, contributions of personal property, real property, <br />infrastructure, the principal amount of a loan at rates below those commercially available <br />to the recipient of the subsidy, any reduction or deferral of any tax or any fee, any <br />guarantee of any payment under any than, lease, or other obligation, or any preferential <br />use of government facilities given to a business. <br />3.02 All new projects approved by the City of Little Canada should meet the following <br />minimum approval criteria. However, it should not be presumed that a project meeting <br />these criteria will automatically be approved. Meeting these criteria creates no contractual <br />rights on the part of any potential developer. <br />3.03 The business subsidy shall be provided within applicable state legislative restrictions, <br />debt limit guidelines. and other appropriate financial requirements and policies. <br />PAGE 170 <br />- 5 - <br />