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HomeMy WebLinkAbout2000-004 EDAR1 1 1 Commissioner Kay Lasman introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 00 -04 RESOLUTION ADOPTING BUSINESS SUBSIDY POLICY WHEREAS, the City of Brooklyn Center and the EDA are required by Minnesota Statutes, Sections 116J -993 through 1163.995, to adopt a business subsidy policy; and WHEREAS, attached hereto and incorporated herein by reference is Exhibit A is a proposed Business Subsidy Policy with criteria; and WHEREAS, the City Council conducted a public hearing on January 24, 2000, regarding the proposed Business Subsidy Policy and criteria; and WHEREAS, it has been found and determined by the City Council of the City of Brooklyn Center and the EDA that the proposed Business Subsidy Policy and criteria as set forth in Exhibit A are reasonable and proper. NOW, THEREFORE, BE IT RESOLVED by the EDA that the Business Subsidy Policy and criteria as set forth in Exhibit A be and hereby are adopted by the EDA. January 24, 2000 Date The motion for the adoption of the foregoing resolution was duly seconded by commissioner Ed Nelson and upon vote being taken thereon, the following voted in favor thereof: Myrna Kragness, Debra Hilstrom, Kay Lasman, Ed Nelson, and Robert Peppe; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted. 1 1 1 RESOLUTION NO. 00 04 Exhibit A CITY OF BROOKLYN CENTER BUSINESS SUBSIDY POLICY The following business subsidy policy is intended to satisfy the requirements of Minnesota Statutes, Sections 116J.993 and 116J.994 (the "Act in particular, Section 1161994, subdivision 2, thereof. Terms used but not defined herein have the meaning given them in the Act. The term "City" shall mean the City of Brooklyn Center. The term "Project" means the property with respect to which the Business Subsidy is provided. A. MANDATORY CRITERIA All Projects must comply with the following criteria: 1. But For Test. There is a substantial likelihood that the Project would not go forward without the Business Subsidy. This criterion may be met based solely on representations of the recipient of the Business Subsidy. 2. Wage Policy. If the Project results in an obligation to create new jobs pursuant to a subsidy agreement, the wage for each part-time and full -time job required to be created pursuant to the subsidy agreement shall, within two years of the benefit date, pay at least $7.00 per hour. 3. Feasibility. The recipient must demonstrate to the satisfaction of the City that the Project has been adequately financed and either has been or will be completed in a timely fashion. 4. Compliance with Act. The Business Subsidy must satisfy all requirements of the Act. The evaluative criteria are as follows: B. EVALUATIVE CRITERIA The following criteria recognize that the award of a Business Subsidy may serve a variety of public purposes of varying importance depending upon the specific Project facilitated by the Business Subsidy. The degree of importance to be attached to various public purposes which may be served by a particular Project must therefore involve the exercise of sound judgment after weighing all relevant criteria. Not all evaluative criteria will be applicable to all projects. In any event, the City may disregard any evaluative criterion it determines to be either irrelevant or unimportant in the case of the particular project, as permitted by the Act. 1. Jobs. The number of full -time equivalent jobs to be created or retained by the proposed Project for a period of at least two years from the estimated benefit date. 1 1 RESOLUTION NO. 00 -04 Exhibit A 2. Tax Base. The net increase in property taxes estimated to be generated by the Project in the first full year of operation. 3. Services to the Community. Whether the Project will provide services or facilities needed in the community. For example, the Project may provide needed health care services, commercial facilities, or other services or facilities needed in the community. 4. Blighted Property. Whether the Project is located on property which is, or is likely to become blighted, and is not likely to be developed or redeveloped because of the blight or other adverse conditions. 5. Design and /or Other Amenity Concessions. Whether, as a result of the Business Subsidy, the Project will include design and/or amenity features not otherwise required by law. 6. Compatibility. Whether the Project is compatible with the comprehensive plan. 7. Utilization of Existing Infrastructure Investment. Whether and to what extent the Project will utilize existing public infrastructure capacity or will require additional publicly funded infrastructure. 8. Leveraged Public Funds. The ratio of private funds which will be applied towards the capital cost of the project compared to the Business Subsidy. 9. 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.