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RESOLUTION 2000 - 5 <br />A RESOLUTION ADOPTING BUSINESS SUBSIDY AGREEMENT FOR <br />COMO LUBE AND SUPPLY, INC. <br />WHEREAS, Minnesota Statutes, Section 116J.993 through <br />116J.995 (the "Statutes") govern the granting of business <br />subsidies as defined in the Statutes; and, <br />WHEREAS, the City of Hugo (the "City") has adopted <br />business subsidy criteria pursuant to the Statutes; and <br />WHEREAS, it has been proposed that the City provide <br />financial assistance to Como Lube and Supply, Inc. (the <br />"Recipient"); and <br />WHEREAS, it has been determined that said assistance <br />qualifies under the Statutes as a business subsidy and the <br />amount of the proposed business subsidy exceeds $100,000; and <br />WHEREAS, the City has performed all actions required by <br />law to be performed prior to the adoption and approval of the <br />proposed business subsidy, including the holding of a public <br />hearing upon published notice as required by law on March 6, <br />2000. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Hugo, Minnesota, that the business subsidy for Como <br />Lube and Supply, Inc. as described in the attached <br />development agreement is hereby approved, ratified, <br />established, and adopted, and shall be placed on file at the <br />City. <br />Upon roll call, the following Members voting AYE: Barnes, <br />Leroux, Petryk, Haas and Stoltzman. <br />Upon roll call, the following Members voting NAY: None. <br />Whereupon said resolution was declared passed and adopted <br />this 6th day of March, 2000. <br />4aWteffh&. Atol t 7-mcV, May <br />ATTEST: <br />4-0c, &If—� <br />Mary n Creager, 61ty C er <br />