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<br />ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF ELK RIVER <br />COUNTY OF SHERBURNE <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2019-____ <br /> <br /> <br />RESOLUTION APPROVING AN AMENDED <br />BUSINESS SUBSIDY POLICY <br /> <br /> <br />WHEREAS, the Board of Commissioners (the “Board”) of the Economic Development <br />Authority of the City of Elk River (the “EDA”) acknowledges the need to provide financial <br />assistance to businesses to further the economic development objectives of the City of Elk River, <br />Minnesota (the “City”); and <br /> <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 grant a <br />business subsidy to establish business subsidy criteria before any new business subsidy can be <br />provided; and <br /> <br />WHEREAS, the EDA previously approved business subsidy criteria and has now <br />determined to amend the criteria in accordance with the Business Subsidy Act; and <br /> <br />WHEREAS, on the date hereof, the City Council of the City held a duly noticed public <br />hearing on amending the business subsidy criteria on behalf of the Board of the EDA; and <br /> <br />WHEREAS, the Board has performed all actions required by law to be performed prior to <br />the adoption of an amended version of the City of Elk River, Minnesota Business Subsidy Criteria <br />(the “Policy”). <br /> <br />NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the <br />Economic Development Authority of the City of Elk River as follows: <br /> <br />1. The Board hereby adopts the amended Policy, a copy of which is on file at the City <br />Hall. <br /> <br />2. EDA staff is authorized to transmit a copy of the Policy to the Minnesota <br />Department of Employment and Economic Development in accordance with the Business Subsidy <br />Act. <br /> <br /> <br />554554v1 EL185-13 <br />