Agenda - Council - 12/11/2012 - Laserfiche WebLink

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may provide health services, retail convenience services such as a nearby grocery store, or social services needed in the community. 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. 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 received over time, the City may value the subsidy at its present value using a discount rate equal to an interest rate which the City determines is fair and reasonable under the circumstances. As used herein "benefit date" means the date the business subsidy is received. Adopted by: Ramsey EDA/City Council Date of Adoption: Net Credit Eligibility Eligible applicants are all commercial and industrial users within the City limits. All applicants must be a permitted use in compliance with all laws, zoning ordinances, rules and regulations applicable to the business. All Applicants must be current on all City taxes, assessments, and utility bill payments. The Ramsey EDA will review each applications for Net Credits on a case -by -case basis and reserves the right to exclude activities not consistent with the City's Comprehensive Plan, or if the concept does not benefit the health, safety and welfare of the community. The Ramsey City Council will make the final approval/denial of any Net Credit Application. 2. Small Business Loans Small Businesses of ten (10) SAC Units or less may request SAC to be paid over a period of time with annual payments rather than up front (at time of building permit issuance). Eligible Applicants will be required to enter into a Standing Loan Agreement with the City and the Metropolitan Council. In the event of default, the remaining balance will be assessed to the benefitted Property. Small Business Loan Mandatory Criteria 1. But For Test. There is a substantial likelihood that the project would not go forward without the use of Net Credits. 2. Economic Feasibility. The recipient must demonstrate to the satisfaction of the City that it has adequate financing for the project and that the project will be completed in a timely fashion.