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<br />- .__.. ,0.. _. .. <br />C" '.. ..- ..-- ....-..- <br />..::..-'.;....~~---..:..;....:~----'--~~-~--- - <br /> <br />.'___ :;;..;~~;::;~:~.,:",-:'~''::':':-':-'::-:.:':-"i:'''_'_,._-,-''':::';,;-. <br /> <br />City and EDA of Ramsey Business Subsidy Policy <br /> <br />5 <br /> <br />4. If the business subsidy is received aver time, the City may value the <br />subsidy at its present value using a discaunt rate equal to. an interest <br />rate which the City determines is fair and reasanable under the <br />circumstances. <br /> <br />As used herein "benefit date" means the date the business subsidy is <br />received. If the business subsidy invalves the purchase, lease, ar' danatian <br />af physical equipment, then the benefit date accurs when the recipient puts <br />the equipment into. service. If the business subsidy is far impravements to. <br />property, then the benefit date refers to. the earliest date af either: when the <br />impravements are finished far the entire praject, ar when a business <br />accupies the praperty. <br /> <br />E. FINANCIAL ASSISTANCE NOT CONSIDERED A BUSINESS <br />SUBSIDY <br /> <br />The fallawing farms af fmancial assistance are nat a business subsidy as <br />per Minnesata Statutes, 99116J.993, Subd) and therefare do. nat require a <br />public hearing: <br /> <br />J <br /> <br />1. A business subsidy afless than $150,000; <br /> <br />2. Assistance that is generally available to. all businesses ar to. a general <br />class af similar businesses, suc,h as a iine af business, size, iacatian, ar <br />similar general criteria; <br /> <br />3. Public impravements to. buildings ar lands owned by the state ar laca1 <br />gavernment that serve a public purpase and do. nat principally benefit a <br />single business ar defined graup af businesses. at the time the <br />improvements are made; <br /> <br />4. Redevelapment praperty palluted by cantaminants as defmed in <br />sectian 116J.552, subdivisian 3; <br /> <br />5. Assistance pravided far the sale purpase af renavating aId ardecaying <br />building stock ar bringing it up to. cade and assistance pravided far <br />designated' histaric preservatian districts, provided that the assistance <br />is equal to. ar less than 50 percent afthetatal cast; <br /> <br />6. Assistance to pravide jab readiness and training services if the sale <br />purpose af the assistance is to. pravide thase services; <br /> <br />7. Assistance far hausing; <br /> <br />8. Assistance forpallutian cantral ar abatement, including assistance far <br />a tax increment fmancing hazardaus substance subdistrict as defined <br />undersectian 469.174, subdivisian 23; <br /> <br />9. Assistance far energy canservatian; <br /> <br />10. Tax reductians resulting fram canfarmity with federal tax law; <br /> <br />:'~-"'" <br /> <br />18 <br /> <br />The Economic Development Authority and City of Ramsey, Minnesota. Policies. <br />