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• (d) Economic Development. Projects should promote one or more of the <br />following: <br />• <br />• <br />1. Encourage economic and commercial diversity within the <br />community; <br />2. Contribute to the establishment of a critical mass of commercial <br />development within an area; <br />3. Increase the range of goods and services available or encourage <br />fast growing or other desirable businesses to locate or expand <br />within the community; <br />4. Promote redevelopment objectives and removal of blight, <br />including pollution cleanup; <br />5. Promote the retention or adaptive reuse of buildings of historical or <br />architectural significance; <br />6. Promote additional or spin -off development within the community; <br />or <br />7. Encourage full utilization of existing or planned infrastructure <br />improvements. <br />Section 4. Minimum Requirements <br />4.01. In order for a recipient to be eligible for a business subsidy, the following <br />minimum requirements must be met; <br />(a) Compliance with Sections 2.01. a, b, and c; <br />(b) Compliance with Section 3.02 b; and <br />(c) Compliance with Sections 3.02 c or d. <br />Section 5. Compliance and Reporting Requirements <br />5.01 Any subsidy granted by the EDA will be subject to the requirement of a public <br />hearing, if necessary., and must be approved by the Lino Lakes City Council. <br />5.02 It will be necessary for both the recipient and the EDA to comply with reporting <br />and monitoring requirements of the Act. <br />5.03 A recipient may be authorized to move from Lino Lakes within five years of the <br />benefit date only if, after a public hearing, the EDA approves the request to move. <br />RHB232372v2 <br />LN140 -12 <br />3 <br />