Laserfiche WebLink
<br />City and EDA of Ramsey Business Subsidy Policy <br />5 <br /> <br />4. <br /> If the business subsidy is received over time, the City may value the <br />subsidy at its present value using a discount rate equal to an interest <br />rate which the City determines is fair and reasonable under the <br />circumstances. <br /> <br />As used herein "benefit date" means the date the business subsidy is <br />received. If the business subsidy involves the purchase, lease, or donation <br />of physical equipment, then the benefit date occurs when the recipient puts <br />the equipment into service. If the business subsidy is for improvements to <br />property, then the benefit date refers to the earliest date of either: when the <br />improvements are finished for the entire project, or when a business <br />occupies the property. <br /> <br />E. <br /> FINANCIAL ASSISTANCE NOT CONSIDERED A BUSINESS <br />SUBSIDY <br /> <br />The following forms of financial assistance are not a business subsidy as <br />per Minnesota Statutes, §§116J.993, Subd.3 and therefore do not require a <br />public hearing: <br /> <br />1. <br /> A business subsidy of less than $150,000; <br />2. <br /> Assistance that is generally available to all businesses or to a general <br />class of similar businesses, such as a line of business, size, location, or <br />similar general criteria; <br />3. <br /> Public improvements to buildings or lands owned by the state or local <br />government that serve a public purpose and do not principally benefit a <br />single business or defined group of businesses at the time the <br />improvements are made; <br />4. <br /> Redevelopment property polluted by contaminants as defined in <br />section 116J.552, subdivision 3; <br />5. <br /> Assistance provided for the sole purpose of renovating old or decaying <br />building stock or bringing it up to code and assistance provided for <br />designated historic preservation districts, provided that the assistance <br />is equal to or less than 50 percent of the total cost; <br />6. <br /> Assistance to provide job readiness and training services if the sole <br />purpose of the assistance is to provide those services; <br />7. <br /> Assistance for housing; <br />8. <br /> Assistance for pollution control or abatement, including assistance for <br />a tax increment financing hazardous substance subdistrict as defined <br />under section 469.174, subdivision 23; <br />9. <br /> Assistance for energy conservation; <br />10. <br /> Tax reductions resulting from conformity with federal tax law; <br /> <br />The Economic Development Authority and City of Ramsey, Minnesota. Policies. <br /> <br /> <br />