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<br />~';:_':';::i,~_- L..J..~-:;~..=.-~~-~~:""':":':'"--7..:...;-=- --'-. - <br /> <br />_....__ .__~""_'_~____~_.._.:o_=___.:.........~- .~~--_.-- -. .-...--.- <br /> <br />2 <br /> <br />MINNESOTA STATUTES 2008 <br /> <br />116J.994 <br /> <br />(8) a list of all financial assistance by all grantors for the project. <br /> <br />(b) Business subsidies in the form of grants must be structured as forgivable "loans. For <br />other types of business subsidies, the agreement must state the fair market value of the subsidy <br />to the recipient, including the value of conveying property at less than a fair market price, or <br />other in-kind benefits to the recipient. <br /> <br />( c) If a business subsidy benefits more than one recipient, the grantor must assign a <br />proportion of the business subsidy to each recipient that signs a subsidy agreement. The <br />proportion assessed to each recipient must reflect a reasonable estimate of the recipient's share <br />of the total benefits of the project. <br /> <br />(d) The state or l?cal government agency and the recipient must both sign the subsidy <br />agreement and, ifthe grantor isa local government agency, the agreement must be approved by the <br />local elected governing body, except for the St. Paul Port Authority and a seaway port authority. <br /> <br />(e) Notwithstanding the provision in paragraph (a), clause (6), a recipient may be authorized <br />to move from the jurisdiction where the subsidy is used within the five-year period after the <br />" " <br />benefit date if, after a public hearing, the grantor approves the recipient's request to move. For the <br />. . ... <br />. purpose of this paragraph, if the grantor is a state government agency other than the Iron Range <br />Resources and Rehabilitation Board, "jurisdiction" means a city or township. <br /> <br />Subd. 4. Wage and job goals. The subsidy agreement, in addition to any other goals.. must <br />include: (1) goals for the number of jobs created, which may include separate goals for the <br />number of part-time or full-time jobs, or; in cases where job loss is specific and demonstrable, <br />goals for the number of jobs retained; (2) wage goals for any jobs created or retained; and (3). <br />wage goals for any jobs to be enhanced through increased wages. After a public hearing, if the <br />creation or retention of jobs is determined not to be a goal, the wage and job goals may be set <br />at zero. The goals for the number of jobs to be created or retained must result in job creation or <br />retention by the recipient within the granting jurisdiction overall. <br /> <br />In addition to other specific goal time frames, the wage and job goals must contain specific <br />goals to be attained within two years of the benefit date. <br /> <br />Subd..5. Public notice and hearjng. (a) Before granting a business subsidy that exceeds <br />$500,000 for a state government grantor and $150,000 for a local goverriment grantor, the grantor <br />must provide public notice and a hearing on the subsidy. A public hearing and notice under this <br />subdivision is not required if a hearing and notice on the subsidy is otherwise required by law. <br /> <br />(b) Public notice of a proposed business subsidy under this subdivision by a state government <br />grantor, other than the Iron Range Resources and Rehabilitation Board, must be published in the <br /> <br />Copyright iO 2008 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. <br /> <br />32 <br />