Business Subsidy Agreement. The provisions of this Section constitute the “Business Subsidy Agreement” for purposes of the Minnesota Business Subsidy Act (Minn. Stat. § 116J.993 – § 116J.995 and its successor statute.)
Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for the purposes of the Business Subsidy Act.
Business Subsidy Agreement. The Authority and Developer have determined that a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J.995 is not required in accordance with the exception contained in the Minnesota Business Subsidy Act, Minnesota Statutes, Section 116J.993, subd. 3(17), because Developer’s investment in the purchase of the Minimum Improvements Area and site preparation thereon is 70% or more of the assessor’s current year’s estimated market value for the Minimum Improvements Area.
Business Subsidy Agreement. Minnesota Statute Sections 116J.993 - .995 and City Council Resolution #99-742 state that a business receiving state or local government assistance, unless it is determined that an exception applies, must have a defined public purpose and recipients must set goals for job creation, wages and benefits to be achieved within two years of receiving the assistance. Businesses not meeting these conditions must repay the assistance at the terms described in a business subsidy agreement to be executed by the business and the government agency administering the assistance. Assistance includes a grant or loan of $150,000 or more or tax increment financing. A report is due to the City annually on the anniversary date of the loan or grant agreement, or as may otherwise be needed by the City in order to comply with statutory requirements. The City, the Authority, and Developer have determined that a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J.995 is not required in accordance with the exception contained in the Minnesota Business Subsidy Act, Minnesota Statutes, Section 116J.993, subd. 3(17) because the Xxxxxx County Assessor’s 2019 estimated market value of the Property is $40,000,000 and Developer’s investment in the purchase of the Property is in excess of 70% of that amount.
Business Subsidy Agreement. The Authority and the Developer agree that the Project is exempt from the requirement for entering into a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J. 995, because the TIF Payment provides assistance for housing within the meaning of Minnesota Statutes, Section 116J.993, subd. 3(7).
Business Subsidy Agreement. The City and the Authority have determined that the financial assistance contemplated by this Agreement is a “business subsidy” with the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J. 995. Upon execution of this Agreement, the City, Authority and Redeveloper will enter into a Business Subsidy Agreement in the form shown on Exhibit J.
Business Subsidy Agreement. The Authority and the Developer agree that the Project is exempt from the requirement for entering into a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J. 995, because the TIF Payment provides assistance for housing within the meaning of Minnesota Statutes, Section 116J.993, subd. 3(7).
