Agenda - Economic Development Authority - 04/14/2011 - Joint Meeting

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City and EDA of Ramsey Business Subsidy Policy 4 c. Growth Potential. Based on recipient's market studies and plans for expansion, whether and to what extent the project is expected within five years of its completion, be expanded to produce a net increase of full time equivalent jobs and of payroll, over and above the minimum net increase in jobs and payroll described in section 1 above. 6. Quality of Life a. Community Services. Whether the project will provide services in the community and the need for such services. For example, the project may provide health services, retail convenience services such as a nearby grocery store, or social services needed in the community. b. Natural Environment. Whether the project will add to, or detract from, the environment. It is a reflection of what is important to the community - clean air and water, beautiful scenery, recreational opportunities, and a strong desire to pass along these attributes to future generations. 7. Other a. Other Factors. Depending on the nature of the project, such other factors as the City may deem relevant in evaluating the project and the business subsidy proposed for it. D. ADDITIONAL CONSIDERATIONS The City will give consideration to one or more of the issues listed below in determining whether to provide financial or other assistance to a project as a business subsidy: 1. The City may consider the requirements of any other business subsidy received, or to be received, from a grantor other than the City. 2. If the business subsidy is a guaranty, the amount of the business subsidy may be valued at the principal amount of the guaranteed payment obligation. 3. If the business subsidy is real or personal property, the amount of the subsidy will be the fair market value of the property as determined by the City. The Economic Development Authority and City of Ramsey, Minnesota. Policies.