Agenda Packets - 2015/10/05 - Laserfiche WebLink

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[City of Mounds View Business Subsidy Policy Amended November 2015 Page 4 of 8 Formatted: Normal, Indent: Left: 0.01", Line spacing: Exactly 11.15 pt, Don't allow hanging punctuation Formatted: Font: (Default) Garamond property, infrastructure, the principal amound of a loan at rates below those commercially available to the recipient, any reduction or deferral of any tax or any fee, any guarantee of any payment udner any loan, lease, or other obligation, or any preferential use of government facilities given to a business. The following forms of financial assistance are not considered a business subsidy that would require a public hearing: 1. a business subsidy of less than $150,000; 2. assistance that is generally available to all businesses or to a general class of similar businesses, such as a line of business, size, location, or similar general criteria; 3. public improvements to buildings or lands owned by the state or local government that serve a public purpose and do not principally benefit a single business or defined group of businesses at the time the improvements are made; 4. redevelopment property polluted by contaminants as defined; 5. assistance provided for the sole purpose of renovating old or decaying building stock or bringing it up to code and assistance provided for designated historic preservation districts, provided that the assistance is equal to or less than 50 percent of the total cost; 6. assistance to provide job readiness and training services if the sole purpose of the assistance is to provide those services; 7. assistance for housing; 8. assistance for pollution control or abatement, including assistance for a tax increment financing hazardous substance subdistrict as defined; 9. assistance for energy conservation; 10. tax reductions resulting from conformity with federal tax law; 11. workers' compensation and unemployment insurance; 12. benefits derived from regulation; 13. indirect benefits derived from assistance to educational institutions; 14. funds from bonds allocated under chapter 474A, bonds issued to refund outstanding bonds, and bonds issued for the benefit of an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended through December 31, 1999; 15. assistance for a collaboration between a Minnesota higher education institution and a business; 16. assistance for a tax increment financing soils condition district as defined; 17. redevelopment when the recipient's investment in the purchase of the site and in site preparation is 70 percent or more of the assessor's current year's estimated market value;