Business Subsidy Act. The TIF assistance provided for herein is not a “business subsidy” as defined by Minn. Stat. § 116J.993, subd. 3, because the City is making TIF assistance available to all businesses to be located in the Xxxxxx Xxxx Metro Business Park. The Project meets the criteria set forth in Minnesota Statute §116J.993, Subd. 3(2), and the City therefore finds that the financial assistance provided for herein is not a Business Subsidy under the Business Subsidy Act.
Business Subsidy Act. The subsidy granted to the Developer pursuant to this Agreement is assistance for housing and therefore the provisions of Minnesota Statutes, Section 116J.993 to 116J.995 do not apply. No portion of the tax increment assistance shall be used to construct any commercial space.
Business Subsidy Act. The County assessor has estimated the current year’s market value of the Development Property to be [$450,000]. The Developer represents that the Developer’s investment (net of amounts paid pursuant to this Agreement) in acquisition and site preparation of the Development Property will be not less than $ (i.e. $ - $250,000). The Developer represents that because this is a redevelopment of a blighted property and the Developer’s investment in the purchase price and cost of site preparation for the Development Property will equal 70% or more of the assessor’s current year’s estimated market value of the Development Property (i.e. [$315,000]) the assistance for the Project does not constitute a “business subsidy” and therefore the provisions of the Business Subsidy Law do not apply.
Business Subsidy Act. (1) The subsidy granted to the Developer pursuant to this Agreement is assistance for housing and therefore the provisions of Minnesota Statutes, Sections 116J.993 through 116J.995, as amended (the “Business Subsidy Act”) do not apply. No portion of the tax increment assistance shall be used to construct the Commercial Facility or any commercial space. However, pursuant to the Purchase Agreement, the EDA has agreed to reduce the purchase price of the Parcel to $1, which is approximately $370,000 below its current estimated market value, a portion of which constitutes a business subsidy with respect to the Commercial Facility (the “Business Subsidy”) within the meaning of the Business Subsidy Act, and this Agreement constitutes a “business subsidy agreement” as required under the Business Subsidy Act. The Developer acknowledges and agrees that the amount of the “Business Subsidy” granted to the Developer under this Agreement with respect to the Commercial Facility is the amount of the write-down of the Purchase Price of the proportion of the land allocable to the Commercial Facility, which is approximately $27,918, and that the Business Subsidy is needed because the construction of the Commercial Facility is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to remove blight in the area in and around the Development Property (the “Village Creek neighborhood”), to put underutilized property to productive use, increase the tax base, provide neighborhood level business and amenities consistent with the Village Creek Master Redevelopment Plan and provide affordable housing and a commercial kitchen to the Village Creek neighborhood and surrounding areas. After holding a public hearing on March 21, 2022, the EDA has determined that creation and retention of jobs is not a goal of the Commercial Facility and consequently set the wage and job goals (the “Goals”) hereunder at zero.
(2) Because the Goals are set at zero, the Developer is not subject to the prepayment provisions of the Business Subsidy Law.
(3) To the extent required by the Minnesota Department of Employment and Economic Development, within 30 days of a request from the EDA, the Developer agrees to (i) report its progress on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the date of the certificate of occupancy for the Minimum Improvements (the “Benefit Date”), (ii) include ...
Business Subsidy Act. The assistance provided to the Developer under this Agreement is subject to Minnesota Statutes, Sections 116J.993 to 116J.995 (the “Business Subsidy Act”) and the City’s Business Subsidy Criteria, Resolution 03-138. The provisions of this Section constitute the “business subsidy agreement” for the purposes of the Business Subsidy Act.
Business Subsidy Act. The assistance provided to the Grantee under the Development Agreement is subject to Minnesota Statutes, Sections 116J.993 to 116J.995 (the “Business Subsidy Act”) and the EDA’s Business Subsidy Policy.
Business Subsidy Act. The provisions of this Section constitute the business subsidy agreement for the purposes of the Business Subsidy Act.
Business Subsidy Act. The subsidy granted to the Developer pursuant to this Agreement is assistance for housing and therefore the provisions of the Business Subsidy Act do not apply. No portion of the Reimbursement Amount shall be used to construct any commercial space.
Business Subsidy Act
