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RELEVANT LINKS: <br /> Minn.Stat.§1161.993,subs. Types of assistance meeting the definition of a business subsidy include: <br /> 3. <br /> Minn.stat.§469.185. grants; contributions of real or personal property or infrastructure; the <br /> principal amount of a loan at rates below those commercially available to <br /> the recipient; any reduction or deferral of any tax or any fee; any guarantee <br /> of any payment under any loan, lease or other obligation; or any <br /> preferential use of government facilities given to a business. <br /> Minn.stat.§1161.994,subs. The law imposes a 180-day statute of limitations on actions to challenge a <br /> city after approval of a business subsidy agreement. Citizens or owners of <br /> taxable property in a city may bring a civil action against the city for <br /> failure to comply with the business subsidy laws. Cities should therefore <br /> consult closely with the city attorney before awarding a business subsidy. <br /> Minn.stat.§1161.993,subs. 'There are several exceptions to this definition, including a subsidy of less <br /> 3. <br /> than $150,000; subsidies for redevelopment, pollution control and land <br /> clean up, housing, industrial revenue bonds, utility property tax <br /> abatements and other similar programs. <br /> Minn.Stat.§116J.994, Recipients must provide grantors with information on their progress <br /> subds.4,7,8. <br /> toward the goals outlined in the agreement. The goals for increasing jobs <br /> or retaining jobs must result in local job creation and job retention. <br /> Grantors must submit the annual Minnesota Business Assistance Form <br /> (MBAF)to the Department of Employment and Economic Development <br /> (DEED)by April 1 each year for each business subsidy agreement. Local <br /> government agencies in cities with a population of 2,500 or more must <br /> submit an MBAF,regardless of whether they have awarded business <br /> subsidies. Local government agencies in cities with a population of 2,500 <br /> or less are exempt from filing the MBAF if they have not awarded a <br /> subsidy in the past five years. <br /> B. Financial assistance <br /> Minn.stat.§116J.994,subs. Cities may offer"financial assistance" in the form of a business loan of <br /> 2.Minn.Stat.§1167.994, <br /> subs.8. more than $25,000 or a guarantee of$75,000 or more, but less than <br /> $150,000 required to constitute a business subsidy. If a city offers such <br /> financial assistance it must develop criteria and set minimum wage floor <br /> levels as prescribed in business subsidy law. Cities granting such financial <br /> assistance must submit business assistance reports to the Department of <br /> Employment and Economic Development(DEED)within one year of <br /> granting the assistance. <br /> League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 <br /> Community Development and Redevelopment Chapter 15 1 Page 4 <br />