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<br />City of Mounds View Business Subsidy Policy <br />Amended (Expected) January 2016 <br />Page 5 of 8 <br /> <br />Notwithstanding the definitions listed above under 1 and 23, "business subsidies" as defined <br />also includes the following forms of financial assistance and is subject to this policy, with the <br />exception of a public hearing as the amount of assistance is less than $150,000, with limited <br />reporting forms required: <br /> <br />1. a business subsidy of $25,000 or more; and <br />2. business loans and guarantees of $75,000 or more. <br /> <br />The definition of a “business subsidy” is in compliance with the current Minnesota Business <br />Subsidy Law and is subject to any law changes that may occur. <br /> <br />III. PUBLIC PURPOSE OBJECTIVES OF BUSINESS SUBSIDIES <br /> <br />In accordance with the Minnesota Business Subsidy Law, the City will consider using business <br />subsidies to assist private development projects to achieve one or more of the following public <br />purpose objectives: <br /> <br /> To retain local jobs and/or increase the number and diversity of jobs that offer stable <br />employment and/or attractive wages and benefits. <br /> To enhance and diversify the City of Mounds View’s economic base and to <br />increase the tax base. <br /> To achieve development on sites which would not be developed without business <br />subsidies assistance. <br /> To remove blight and/or encourage development of commercial, industrial or high <br />priority areas in the city that result in higher quality redevelopment and private <br />investment. <br /> To encourage the revitalization and redevelopment of the County Road 10 Corridor. <br /> To encourage additional unsubsidized private development in the area, either <br />directly or indirectly through “spin off” development. <br /> 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 otherwise <br />preclude private investment. <br /> To finance the costs associated with public infrastructure and public facilities. <br /> <br />IV. GENERAL POLICIES FOR THE USE OF BUSINESS SUBSIDIES <br /> <br />A. Business subsidy assistance will be provided from the City, by a “pay-as-you-go” note <br />method, to the developer if the b usiness subsidy is tax increment financing or tax <br />abatement. Requests for up front financing will be considered on a case -by-case <br />basis. <br />