Laserfiche WebLink
05/16/99 6:21 p.m. [RESDEPT ] JF KB56 <br /> 1 condition district as defined under section 469.174, subdivision <br /> 40 2 1_1 <br /> 3 (176) redevelopment when the recipient's investment in the <br /> 4 purchase of the site and in site preparation is 70 percent or <br /> 5 more of the assessor's current year's estimated market value; <br /> 6 and <br /> 7 (18) general changes in tax increment financing law and <br /> . 8 other general tax law changes of a principally technical nature. <br /> 9 Subd. 4. [GRANTOR.] "Grantor" means any state or local <br /> 10 •overnment a.enc with the authorit to •rant a business subsid . <br /> 11 Subd. 5. [LOCAL GOVERNMENT AGENCY.] "Local government <br /> 12 agency" includes a statutory or home rule charter city, housing <br /> 13 and redevelopment authority, town, county, port authority, <br /> 14 economic development authority, community development agency, <br /> 15 nonprofit entity created by a local government agency, or any <br /> 16 other entity created by or authorized by a local government with <br /> 17 authority to provide business subsidies. <br /> •18 Subd. 6. [RECIPIENT. ] "Recipient" means any for-profit or <br /> 19 nonprofit business entity that receives a business subsidy. <br /> 20 Only nonprofit entities with at least 100 full-time equivalent <br /> 21 positions and with a ratio of highest to lowest paid employee, <br /> 22 determined on the basis of full-time equivalent positions, <br /> 23 exceeding ten to one, are included in this definition. <br /> 24 Subd. 7. [STATE GOVERNMENT AGENCY.] "State government <br /> 25 agency" means any state agency that has the authority to award <br /> • <br /> 26 business subsidies. <br /> 27 Sec. 2. [116J.994] [REGULATING LOCAL AND STATE BUSINESS <br /> 28 SUBSIDIES.] <br /> 29 Subdivision 1. [PUBLIC PURPOSE.] A business subsidy must <br /> 30 meet a public purpose other than increasing the tax base. Job <br /> 31 retention may only be used as a, public purpose in cases where <br /> 32 job loss is imminent and demonstrable. <br /> 33 Subd. 2. [DEVELOPING A SET OF CRITERIA. ] A business <br /> .34 subsidy may not be granted until the grantor has adopted <br /> 35 criteria after a public hearing for awarding business subsidies <br /> 36 that comply with this section. The criteria must include a <br /> 3 <br />