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AGENDA ITEM 3B <br />STAFF ORIGINATOR: Al Rolek <br />DATE: 5/29/01 <br />TOPIC: Consideration of Resolution 01 -73 calling for a Public <br />Hearing on a Business Subsidy Policy and authorizing <br />staff to draft a Business Subsidy Policy <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The Minnesota Business Subsidy Law requires that any local government <br />agency with the power to grant a business subsidy must first establish a <br />Business Subsidy policy. This policy lists the criteria that will be used to <br />determine if a subsidy meets a public purpose. The criteria must also establish a <br />policy for wages on jobs created by the subsidies. <br />The term "business subsidy" can include a grant such as tax increment financing <br />or tax abatement, contribution of property or infrastructure, low- interest rate <br />loans, tax or fee deferrals, or any preferential use of government facilities given <br />to a business. Any public contribution in excess of $25,000 is considered a <br />subsidy. <br />A public hearing is required to take public comment before the adoption of the <br />policy. This resolution sets a hearing for 6:30 p.m. on July 23, 2001 and directs <br />staff to draft a Business Subsidy Policy for consideration. <br />OPTIONS: <br />1. Adopt Resolution No. 01 -73 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />