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477901v1 JAE LN140-101 <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 16-03 <br /> <br />RESOLUTION APPROVING AMENDED AND RESTATED BUSINESS SUBSIDY POLICY <br /> <br /> <br /> BE IT RESOLVED By the Board of Commissioners (the “Board”) of the Lino Lakes Economic <br />Development Authority (the “Authority”) as follows: <br /> <br /> Section 1. Recitals. <br /> <br /> 1.01. Before awarding any “business subsidy” as defined in Minnesota Statutes, Section <br />116J.993 to 116J.995, as amended (the “Business Subsidy Act”), the Authority is required to adopt <br />criteria regarding such subsidies after holding a public hearing. <br /> <br /> 1.02. The Board previously approved business subsidy criteria and has now determined to <br />amend and restate the criteria in accordance with requirements of the Business Subsidy Act. <br /> <br /> 1.03. The Board has reviewed the amended and restated Business Subsidy Policy on file in <br />City Hall, and has on the date hereof held a duly noticed public hearing at which all interested persons <br />were given an opportunity to be heard. <br /> <br /> Section 2. Amended and Restated Business Subsidy Policy Approved. <br /> <br /> 2.01. The Board approves the amended and restated Business Subsidy Policy on file in City <br />Hall, which criteria supersede any prior business subsidy policy or criteria adopted by the Authority. <br /> <br /> 2.02. Authority staff are authorized to transmit a copy of the amended and restated Business <br />Subsidy Policy to the Minnesota Department of Employment and Economic Development in accordance <br />with the Business Subsidy Act. <br /> <br /> Adopted by the Board of Commissioners of the Lino Lakes Economic Development Authority <br />this 13th day of June, 2016. <br /> <br />The motion for the adoption of the foregoing resolution was introduced by Board Member <br />_______________and was duly seconded by Board Member ________________ and upon vote <br />being taken thereon, the following voted in favor thereof: <br /> <br />The following voted against same: <br /> <br /> <br />William Kusterman, President <br /> <br />ATTEST: <br /> <br /> <br /> <br />Jeff Karlson, Executive Director