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City of Hk River <br />ver (City CouncH <br />Resolution l 9. 06 <br />A Resolution of the City Council of the City of Elk River Approving an <br />Amended Business Subsidy Policy <br />WHEREAS, the City Council (the "Council") of the City of Elk River, Minnesota (the <br />City") acknowledges the need to provide financial assistance to businesses to further the <br />economic development objectives of the City; and <br />WHEREAS, Minnesota Statutes. Sections 116J.993 through 116J.995, as amended (the <br />Business Subsidy Act") requires any state or local government agency with the authority to <br />grant a business subsidy to establish business subsidy criteria before any new business <br />subsidy can be provided; and <br />WHEREAS, the Council previously approved business subsidy criteria and has now <br />determined to amend the criteria in accordance with the Business Subsidy Act; and <br />WHEREAS, the Council has performed all actions required by law to be performed prior <br />to the adoption of an amended version of the City of Elk River, Minnesota Business Subsidy <br />Criteria (the "Policy"), including the holding of a public hearing on behalf of itself, the <br />Economic Development Authority of the City of Elk River and the Housing and <br />Redevelopment Authority in and for the City of Elk River, Minnesota, upon published <br />notice as required by law. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: 1. The Council hereby adopts the amended Policy, a copy of <br />which is on file at the City Hall. 2. City staff is authorized to transmit a copy of the Policy to <br />the Minnesota Department of Employment and Economic Development in accordance with <br />the Business Subsidy Act. <br />Passed and adopted this 19"' day of February 2019. <br />J n J. ietz, yox <br />ATTEST: <br />Tina Allard, City Clerk