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RESO 1999-0016
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RESO 1999-0016
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10/26/2017 2:05:01 PM
Creation date
1/14/2015 9:18:28 AM
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City Council
Document Type
Resolutions
Meeting Date
10/4/1999
Meeting Type
Regular
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SEP 16 '99 t9B- 52AM EFLERS & ASSOCIATES r . a. r <br />City of Hugo <br />Busirsess Subsidy Criteria <br />October x{,1999 <br />PURPOSE AND AUTHORITY <br />1.01 The purpose of this document is to esWAO the criteda for the (qty of Hugo (the <br />" C hntot') for granting of business subsidies for private development. Tbess criteria shall <br />be used as a guide in the processing and reviewing applications requesting business <br />subsidies. <br />1.02 The City of Hugo's ability to grant business subsidies is governed by the limitations <br />establisiaed in Minnesota Statutes 1164 993 through 116J.994 (the `Statutes'). <br />.. ___.. ,.., ..,..._. Vii. ,�sese ari_teda arc to Ue nsocl_itt.eontmctiou vnth other relevant policies Ciracnor. <br />• _ .....��.. . a:•.+-•..•� ..r��'.. ._..,.:.�., :. :....: ,..,... ...,....J.=.1=.. Of the W.,. .3 <br />1.The criteria set fords in this document are guiddlines only. The Grantor reserves the rig�'� <br />04 <br />in its discxetion to approve business subsidies that vary from the criteria stated herein if <br />the (}raptor daamunes that the =bddy nevertheless serves a public purP0• <br />1.05 • The Grantor may amend this doc ument.at any fte. Amendments to these criteria are <br />subject to public heating regairements contained in the Stab ter. <br />2 PUBLIC POLICY REQUIREMENT <br />2.01 All business subsidies must meet a pubUc.purpose other than h=Ming the tax base. Job <br />retention may only be used as a public purpose in cases where job loss is imminent and <br />demonstrable <br />3 BUSINESS SUBSIDY APPROVAL C tITERIA <br />3.01 Unless $peeifacaUy excluded by the Statutes, business subsidies include graM by state or <br />local goveruunent agencies, contributions of personal property, real property. <br />infrastructure, the principal amount of a loan at rates below those commercially available <br />to the recipient of the subsidy, any reduction or deferral of any tax or any fee, any <br />guarantee of any payment under any loan, lease, or otter obligation, or any pref=ntlal <br />use of government facilities given to a business. <br />3.02 All new 'projects .approved by the City of Hugo should meet the following minimum <br />approval criteria. However, it should not be presumed that a project meeting these <br />criteria will automatically be approved. Meeting these criteria creates no contractual <br />fights on the part of any potential developer. <br />3.03 .The business subsidy shall be provided within applicable state legislative restrictions, <br />debt limit guidelines. and other appropriate financial requirements and policies. <br />
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