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<br />. <br /> <br />t <br /> <br />. <br /> <br />. <br /> <br />... <br /> <br />~ <br />~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />Agenda Item 3.B <br /> <br />December 2, 2002 <br /> <br />TO: <br /> <br />President Dennis Probst <br />Commissioner Beverly Aplikowski <br />Commissioner David Grant <br />Commissioner Gregg Larson <br />Commissioner Lois Rem <br />Joe Lynch, Executive Director <br /> <br />Aaron Parrish - Community Services Director frf <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Business Subsidy Policy <br /> <br />ENCLOSURES: <br /> <br />1. Business Subsidy Policy <br /> <br />Overview <br /> <br />At the November 12,2002 EDA Meeting, the EDA directed staff to set the public hearing <br />required prior to the adoption of a business subsidy policy. As Council may recall, cities are <br />now required to have a Business Subsidy Policy prior to the granting of a business subsidy. <br />According to MilJnesota State Statute S1l6J.993 Definitions. Subd, 3 a business subsidy is <br />defined as the following: <br /> <br />"Business subsidy" or "subsidy" means a state or local government agency grant, contribution of <br />personal property, real property, infrastructure, the principal amount of a loan at rates below those <br />cOl11mercially available to the recipient, any reduction or deferral of any tax or any fee, any <br />guarantee of any payment under any loan, lease, or other obligation, or any preferential use of <br />government facilities given to a business, <br /> <br />Based On input from the EDA, the only change that has been made since the previous meeting is <br />the addition of section IV. A. This is based on the EDA's desire to have the requirements apply <br />to all business subsidies even those that are statutorily exempted, As the policy is currently <br />written, the EDA may waive the business subsidy requirements on subsidies that qualify for an <br />exemption on a case-by-case basis, <br /> <br />RCQuested Actioll <br /> <br />. Consider EDA Resolution 02-01 Establishing a Policy Regarding Business Subsidies <br />