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CITY OF LINO LAKES LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY BUSINESS SUBSIDY CRITERIA (Revised June 13, 2016) Section 1. Purpose; Statutory Compliance 1.01 The purpose of this document is to establish the criteria to be considered by the City of Lino Lakes (the "City") and the Lino Lakes Economic Development Authority (the "EDA") in processing, evaluating and reviewing requests for business subsidies. It is the intent of the City and the EDA in adopting these revised criteria to comply with Minnesota Statutes, Sections 116J.993 through 116J.995 (the "Business Subsidy Act"). The City and the EDA hereby adopts the definitions contained in the Business Subsidy Act for application in the criteria. 1.02. Business subsidy criteria were adopted by the City on July 23, 2001, revised on June 23, 2003 and are hereby further revised. The Board of the EDA adopted the revised business subsidy criteria on the date hereof. The City and the EDA have the option to amend these criteria again in the future if doing so is determined necessary or appropriate. Amendments to these criteria are subject to the public hearing requirements of the Business Subsidy Act. 1.03. These criteria are intended to set specific minimum requirements which recipients must meet to be eligible to receive business subsidies. Neither the City nor the EDA will adopt business subsidy criteria on a case by case basis. 1.04. In accordance with the Business Subsidy Act, all business subsidy requests must comply with the Business Subsidy Act and other applicable Minnesota statutes. The City's and the EDA's ability to grant business subsidies is subject to the limitations established in the Business Subsidy Act. Section 2. Goals, Objectives, and Requirements 2.01 It is the City's and the EDA's intent to advance the following goals and objectives in granting business subsidies: (a) Projects must be consistent with City's comprehensive plan and any other similar plan or guide for development of the community. (b) Business subsidies will not be provided to projects which have the financial feasibility to proceed without a public subsidy. 2.02 When applying for a business subsidy, potential recipients will be required to provide such studies, reports, appraisals, financial information or other data as may be requested by the City or the EDA prior to consideration of a request for a business subsidy. 479195v2