Agenda - Council - 01/23/2007 - Laserfiche WebLink

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(1) Adopt criteria for awarding bu~iness subsidies following a public hearing. , (2) Enter into a subsidy agreement which must include the following information and requirements: (a) A description of the subsidy; (b) A statement of the publiF purpose and goals of the subsidy; (c) Measurable, specific, arid tangible wage and job creation goals (or job retention goals, if job loss is specific and demonstrable) to be achieved within two (2) years of receiving the subsidy; : (d) A description of the recipient's fmancial obligation if the goals are not met. The recipient must pay back the assistance with interest if goals are not met, although pro-ration to reflect parti~ fulfillment of goals is permitted. (e) A statement of why the subsidy is needed. : (f) A commitment from the recipient to continue operations in the jurisdiction for at least five (5) years; . (g) The name and address of the parent company of the recipient; (h) A list of all other financiill assistance to the project; and (i) A requirement for the r~cipient to provide the Authority and the Department of Employment and Econotnic Development with annual information regarding goals for two years after re~eiving the subsidy or until the goals are achieved. The reports must be filed by March 1 for the prior year. (3) If the business subsidy exceeds i$100,000, the City must conduct a public hearing on the subsidy, after providing at least ten (10) days published notice in the local newspaper. Section 3.27 Requirements for Agreements with Developers. Pursuant to Minnesota Statutes, Section 469.176 Subd. 5, if more than 10% o~the acreage ofa project (which contains a housing district) is to be acquired by the City with pro~eeds from tax increment bonds then, prior to such acquisition, the City must enter into an agree$ent for the development of the property. Such agreement must provide recourse for the City shoWd the development not be completed. I Section 3.28 Green Acres. Tax Increment FiPancing District No. 12 contains a parcel or part of a parcel that qualified under the provisions of Section 273.111 or 273.112 and Chapter 473H for taxes payable in any of the five calendar years before the filing of the request for certification of the Tax Increment Financing District. Therefore, Tax Increment Financing District No. 12 must comply with the requirements bf Minnesota Statutes, Section 469.174, Subdivision 29 which are as follows: 1970490v2 -206- 15