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RESOLUTION NO. 2000-2 <br />RESOLUTION CALLING FOR PUBLIC HEARING <br />ON BUSINESS SUBSIDY AND SUBSIDY AGREEMENT <br />WHEREAS, Minnesota Statutes, Section 116J.993 through 116J.995 (the <br />"Statutes') govern the granting of business subsidies as defined in the Statutes: and, <br />WHEREAS, the City of Hugo (the "City') has adopted business subsidy criteria <br />pursuant to the Statutes; and, <br />WHEREAS, it has been proposed that the City provide financial assistance to <br />Como Lube and Supplies, Inc. (the "Recipient'); and, <br />WHEREAS, it has been determined that said assistance qualifies under the <br />Statutes as a business subsidy, the amount of the proposed business subsidy exceeds <br />$100,000 and a public hearing is required prior to granting the business subsidy. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council') <br />for the City of Hugo, Minnesota, as follows: <br />Section 1. Public Hearing. The Council shall meet on March 6, 2000, at approximately <br />7:00 p.m., to hold a public hearing on the proposed granting of a business subsidy to the <br />Recipient and the approval of a subsidy agreement between the Recipient and the City. <br />Section 2. Notice of Public Hearing. City staff is authorized and directed to work with <br />fiscal and legal advisors to prepare the subsidy agreement. The City Clerk -Treasurer is <br />authorized and directed to cause notice of the hearing to be published at least once in the <br />official newspaper of the City not later than 10 days prior to March 6, 2000, and to place <br />a copy of the proposed business subsidy agreement on file and to make such copy <br />available for inspection by the public. <br />Dated: February 7, 2000 <br />Mayor City Cler <br />