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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY BUSINESS SUBSIDY CRITERIA (Revised June 23, 2003) Section 1. Purpose; Statutory Compliance 1.01 The purpose of this document is to establish the criteria to be considered by the Lino Lakes Economic Development Authority (the "EDA") in processing, evaluating and reviewing requests for business subsidies. It is the intent of the EDA in adopting these revised criteria to comply with Minnesota Statutes, Sections 116J.993 through 1161995 (the "Act"). The EDA hereby adopts the definitions contained in the Act for application in the criteria. 1.02. Business subsidy criteria were adopted by the EDA on June 23, 2003 and are hereby revised. The EDA has 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 Act. 1.03. These criteria are intended to set specific minimum requirements which recipients must meet to be eligible to receive business subsidies. The EDA will not adopt business subsidy criteria on a case by case basis. 1.04. In accordance with the Act, all business subsidy requests must comply with the Act and other applicable Minnesota statutes. The EDA's ability to grant business subsidies is subject to the limitations established in the Act. Section 2. Goals and Objectives 2.01 It is the EDA's intent to advance the following goals and objectives in granting business subsidies: (a) Projects must be consistent with Lino Lakes' comprehensive plan and any other similar plan or guide for development of the community. (b) Business subsidies will not be provided for projects which have the financial feasibility to proceed without a public subsidy. (c) Potential recipients will be required to provide such studies, reports, appraisals, financial information or other data as may be requested by the EDA prior to consideration of a request for a business subsidy. 2.02 Business subsidies must be justified by evidence that the project cannot proceed without the benefit of the subsidy. If tax increment financing is used to grant a subsidy, the recipient must demonstrate compliance with all statutory requirements of the TIF Act, including the "but for" test, and any TIF policy adopted by the EDA. The recipient will be required to provide all documentation RHB 232372v2 LN140-12 1