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—� HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ELK RIVER, MINNESOTA CITY OF ELK RIVER SHERBURNE COUNTY STATE OF MINNESOTA RESOLUTION NO. 2019-01 RESOLUTION APPROVING AN AMENDED BUSINESS SUBSIDY POLICY WHEREAS, the Board of Commissioners (the `Board") of the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota (the "HRA") acknowledges the need to provide financial assistance to businesses to further the economic development objectives of the City of Elk River, Minnesota (the "City"); and WHEREAS, Minnesota Statutes, Sections 116J.993 through 116J.995, as amended (the "Business Subsidy Act") requires any state or local government agency with the authority to grant a business subsidy to establish business subsidy criteria before any new business subsidy can be provided; and WHEREAS, the HRA previously approved business subsidy criteria and has now determined to amend the business subsidy criteria in accordance with the Business Subsidy Act; and WHEREAS, on February 19, 2019, the City Council of the City held a duly noticed public hearing on amending the business subsidy criteria on behalf of the Board of the HRA; and WHEREAS, the Board has performed all actions required by law to be performed prior to the adoption of an amended version of the City of Elk River, Minnesota Business Subsidy Criteria (the "Policy"). NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota as follows: 1. The Board hereby adopts the amended Policy, a copy of which is on file at the City Hall. 2. HRA staff is authorized to transmit a copy of the Policy to the Minnesota Department of Employment and Economic Development in accordance with the Business Subsidy Act Approved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota this e day of March, 2019. 554556v1 EL185-13