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ATTACHMENT A LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />BUSINESS SUBSIDY CRITERIA <br />(Revised June 23, 2003) <br />LSection 1. <br />Purpose ; Statutory Compliance <br />1.01 ThisThe purpose of this document insludesis to establish the criteria to be <br />considered by the Lino Lakes Economic Development Authority (EDA)to <br />teethe "EDA") in processing, evaluating and reviewing requests for business <br />subsidies. It is the intent of the EDA in adopting these revised criteria to comply <br />with Minnesota Statutes, Sections 1165.993 1 165.995116J.993 through 116J.995 <br />(the "Act "). The EDA hereby adopts the definitions contained in the Act for <br />application in the criteria. <br />1.02. Business subsidy criteria were adopted by the EDA on and are <br />hereby revised. The EDA has the option to amend these criteria again in the <br />future if doing so is determined necessary or appropriate. Amendments to these <br />criteria are subject to the public hearing requirements of the Act. <br />1.03. These criteria are intended to set specific minimum requirements which recipients <br />must meet to be eligible to receive business subsidies. The EDA will not adopt <br />business subsidy criteria on a case by case basis. <br />1.04. In accordance with the Act, all business subsidy requests must comply with the <br />Act and other applicable Minnesota statutes. The EDA's ability to grant business <br />subsidies is subject to the limitations established in the Act. <br />lELSection 2. <br />2.01 <br />Goals and Objectives <br />It is the EDA's intent to advance the following goals and objectives in granting <br />business subsidies: <br />(a) All projectsProjects must be consistent with Lino Lakes' comprehensive <br />plan and any other similar plan or guide for development of the <br />community. <br />(b) Business subsidies will not be provided for projects which have the <br />financial feasibility to proceed without a public subsidy. <br />(c) Potential recipients will be required to provide such studies, reports, <br />appraisals, financial information or other data as may be requested by the <br />EDA prior to consideration of a request for a business subsidy. <br />b)2.02 Business subsidies must be justified by evidence that the project cannot proceed <br />without the benefit of the subsidy. If tax increment financing is used to grant a <br />subsidy, the granteerecipient must demonstrate compliance with all statutory <br />RHB 232372v2 <br />LN 140-12 <br />1 <br />