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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 approvah <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 />City of Elk River Business Subsidy Policy <br />Amended May 2006 <br />