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• VI. GUIDELINES FOR REDEVELOPMENT AND RENOVATION <br /> BUSINESS SUBSIDIES <br /> In accordance with the MN Business Subsidy Law,the following forms of financial <br /> assistance related to redevelopment and renovation are not a"business subsidy": <br /> A. Assistance provided for the sole purpose of renovating old or decaying building <br /> stock or bringing it up to code,provided that the assistance is equal to or less <br /> than 50 percent of the total cost; <br /> B. Assistance for pollution control or abatement; <br /> C. Redevelopment when the recipient's investment in the purchase of the site and <br /> in site preparation is 70 percent or more of the assessor's current year's estimated <br /> market value. <br /> VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> A. Application for business subsidies shall be made on the City's forms for the <br /> particular type of assistance.The application for business subsidies shall request <br /> information required within the City's policies on the particular form of subsidy <br /> including but not limited to;a detailed description of the project;a preliminary site <br /> plan;the amount of business subsidy requested;the public purpose of the project; <br /> • the number and types of jobs to be created;the wages and benefits to be paid new <br /> employees;and verifiable funding sources and uses. <br /> B. Following a review by appropriate City Staff the application shall be referred to the <br /> either the Economic Development Authority,or Housing and Redevelopment <br /> Authority, for recommendation to the City Council for denial or approval. <br /> C. Before granting a business subsidy that exceeds$100,000,the City shall provide <br /> public notice and hold a hearing on the subsidy unless a hearing and notice on the <br /> subsidy is otherwise required by law. <br /> VIII. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br /> Each company receiving a business subsidy shall be subject to the subsidy agreement and <br /> reporting provisions and requirements set forth by the MN Business Subsidy Law and <br /> summarized below: <br /> A. Progress Reports <br /> The recipient shall file a report annually for two years after the receiving the <br /> subsidy or until all goals set forth in the subsidy agreement have been met,which <br /> ever is later. Reports shall be completed using the format drafted by the State of <br /> Minnesota and shall be filed with the City's Economic Development Division no <br /> later than March 1 of each year for the progress made the previous year. <br /> • <br /> City of Elk River Business Subsidy Policy 5 <br /> Amended May 2006 <br />