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Member Reinert introduced the following resolution and moved its adoption: LINO LAKES CITY COUNCIL RESOLUTION NO. 01-127 RESOLUTION APPROVING BUSINESS SUBSIDY TO TARGET CORPORATION AND KOHL'S DEPARTMENT STORE, INC. BE IT RESOLVED by the Lino Lakes City Council as follows: Section 1. Recitals 1.01 On July 23, 2001, following a public hearing, the City Council of the City of Lino Lakes (the "City) approved a Business Subsidy Criteria (the "Criteria"), pursuant to Minnesota Statute, sections 116J.993 through 116J.995 (the "Business Subsidy Act.") 1.02. Target Corporation, a Minnesota Corporation, and Kohl's Department Stores, Inc., a Wisconsin Corporation (the "Developers") have requested a business subsidy (the "Subsidy") through tax abatement in the amount of $519,300 and a waiver of an estimated $105,000 in Surface Water Management Fees for the construction of a Target Superstore and Kohl's Department Store in the Marketplace Development. The Subsidy shall be divided so that (1) Target Corporation receives the incremental taxes generated and paid on its parcel plus 61.84 percent of the Abatement for the remaining parcels, except the Kohl's parcel and (2) Kohl's Department Stores, Inc. receives the incremental taxes generated and paid on its parcel plus 38.16 percent of the Abatement for the remaining parcels, except the Target parcel. 1.03. Pursuant to Section 116J.994, subd. 5 of the Business Subsidy Act, the City has on this date held a public hearing on the proposed subsidy to the Developers, following published notice as required by law, at which hearing all persons wishing to express an opinion were given an opportunity to do so. 1.04 Pursuant to Section 116j.994, subd. 4 of the Business Subsidy Act, the Developers have agreed to goals for the number of jobs created, and wage goals for the jobs created. Target Corporation has agreed to 75 Full Time Equivalents (FTEs) at a wage of $8.25/hour, plus benefits. Kohls Department Stores, Inc. has agreed to 30 Full Time Equivalents (FTEs) at a wage of $8/hour, plus benefits. Section 2. Findings. 2.01. It is hereby found and determined that the business subsidy is in the best interest of the City because it is consistent with and promotes the goals established by the City in adopting the Criteria. 2.02. It is hereby found and determined that granting the business subsidy to the Developers furthers the City's general plan of economic development of the community by encouraging growth and development of the Lino Lakes Town Center.