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Burnsville Development Tools Criteria and Public Financing Policy Page 1 <br />City of Burnsville and <br />Burnsville Economic Development Authority <br />Developmental Tools Policy <br />December 2019 <br />INTRODUCTION: <br />This Policy is adopted for purposes of the business subsidies act, pursuant to Minnesota <br />Statutes, Sections 116J.993 through 116J.995, as amended (the “Statutes”). Terms used <br />in this Policy are intended to have the same meanings as those used in the Statutes. <br />Subdivision 3 of the Statutes specifies forms of financial assistance that are not <br />considered a business subsidy. This list contains exceptions for several activities, <br />including redevelopment, pollution clean-up, and housing, among others. By providing a <br />business subsidy, the city commits to holding a public hearing, as applicable, and <br />annually reporting to the Department of Employment and Economic Development <br />(“DEED”) on job and wage goal progress if and when required by the Statutes. <br />1.PURPOSE AND AUTHORITY: <br />A. The purpose of this document is to establish criteria for the City of Burnsville <br />(“City”) and the Burnsville Economic Development Authority (“EDA”) for the <br />granting of business assistance and public financial assistance for private <br />development within the City. As used in this Policy, the term “City” shall be <br />understood to include the EDA. The criteria outlined in this Policy shall be <br />used as a guide in processing and reviewing applications requesting <br />business assistance and/or City public financial assistance. As used in this <br />Policy, the term business assistance includes, but is not limited, assistance <br />constituting a “business subsidy” under the Statutes. <br />B. The City's ability to grant business assistance is governed by the limitations <br />established in the Statutes and other provisions of Minnesota law. The City <br />may choose to apply the criteria contained herein to other development <br />activities not covered under the Statutes. City public financial assistance <br />may or may not be considered a business subsidy as defined by the <br />Statutes. <br />C. Business assistance include grants by state or local government agencies, <br />contributions of personal property, real property, infrastructure, the principal <br />amount of a loan at rates below those commercially available to the <br />recipient of the assistance, any reduction or deferral of any tax or any fee, <br />tax increment financing (TIF), abatement of property taxes, loans made <br />from City funds, any guarantee of any payment under any loan, lease, or <br />other obligation, or any preferential use of government facilities given to a <br />business. Certain types of business assistance may not be considered <br />business subsidies under the Statutes.