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Commerce, Economic Development Administration; and <br /> 23. Property tax abatements granted under section 469.1813 to property that is subject <br /> to valuation under Minnesota Rules, chapter 8100. <br /> Notwithstanding the definitions listed above under 1 and 21, "business subsidies" as <br /> defined also includes the following forms of financial assistance and is subject to this <br /> policy, with the exception of a public hearing as the amount of assistance is less than <br /> $150,000, with limited reporting forms required: <br /> 1. A business subsidy of$25,000 or more; and <br /> 2. Business loans and guarantees of$75,000 or more. <br /> III. PUBLIC PURPOSE OBJECTIVES OF BUSINESS SUBSIDIES <br /> In accordance with the Minnesota Business Subsidy Law, the City will consider using <br /> business subsidies to assist private development projects to achieve one or more of the <br /> following public purpose objectives: <br /> e To retain local jobs and/or increase the number and diversity of jobs that offer <br /> stable employment and/or attractive wages and benefits. <br /> e To enhance and diversify the City of Mounds View's economic base and to <br /> increase the tax base. <br /> a To achieve development on sites which would not be developed without <br /> business subsidies assistance. <br /> a To remove blight and/or encourage development of commercial, industrial or <br /> high priority areas in the city that result in higher quality redevelopment and <br /> private investment. <br /> a To encourage the revitalization and redevelopment of the County Road 10 <br /> corridor. <br /> a To encourage additional unsubsidized private development in the area, either <br /> directly or indirectly through "spin off' development. <br /> a To offset increased costs of redevelopment (i.e. contaminated site cleanup, <br /> demolition expenses, etc.) over and above the costs normally incurred in <br /> development and when the unique physical characteristics of the site may <br /> otherwise preclude private investment. <br /> e To finance the costs associated with public infrastructure and public facilities. <br /> IV. GENERAL POLICIES FOR THE USE OF BUSINESS SUBSIDIES <br /> A. Business subsidy assistance will be provided from the City, by a "pay-as-you-go" <br /> note method, to the developer if the business subsidy is tax increment financing or <br /> tax abatement. Requests for up front financing will be considered on a case-by- <br /> case basis. <br /> City of Mounds View Business Subsidy Policy <br /> Amended (Expected)January2016 <br /> Page 5 of 8 <br />