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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 03-01 <br />RESOLUTION ADOPTING REVISED BUSINESS SUBSIDY CRITERIA <br />WHEREAS, Minnesota Statutes, Sections 116J.993 through 116J.995 called the Business <br />Subsidy Act (the "Act") which became effective on August 1, 1999, required the <br />adoption of criteria for the granting of business subsidies as defined in the Statutes; and <br />WHEREAS, the Economic Development Authority of the City of Lino Lakes (the <br />"Authority") adopted Business Subsidy Criteria on November 8, 1999; <br />WHEREAS, requirements of the Act were amended by the Minnesota Legislature in <br />2000, with an effective date of 2003; <br />WHEREAS, The Authority has determined that it is necessary and appropriate to adopt <br />revised business subsidy criteria pursuant to the amended Statutes; and <br />WHEREAS, The Authority has performed all actions required by law to be performed <br />prior to the adoption and approval of the proposed revised business subsidy criteria, <br />including the holding of a public hearing upon published notice as required by law on <br />June 23, 2003. <br />NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of <br />the City of Lino Lakes, Minnesota, that the revised business subsidy criteria, contained in <br />Exhibit A of this resolution are hereby approved, ratified, established, and adopted and <br />shall be placed on file at the City Hall. <br />Dated: June 23, 2003 <br />President <br />ATTEST: <br />Executive Director <br />