Agenda - Council - 12/12/2023 - Laserfiche WebLink

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