Resolution 26-03 JOBZ Application

WHEREAS, job creation, business development, and individual wealth growth in Mountain Iron, Minnesota have been less than the national and state averages; and,

WHEREAS, the resulting affects of such lagging job creation, business development, and individual wealth growth have harmed and are forecasted to continue to harm the economy of Mountain Iron; and,

WHEREAS, the Job Opportunity Building Zone (JOBZ) Program created in Minnesota Session Laws 2003, 1st Special Session, Chapter 21, Article 1 allows for the formation of tax free zones; and,

WHEREAS, an application for tax free zone designation in Mountain Iron is being prepared for submission to the Minnesota Department of Employment and Economic Development via the Arrowhead Regional Development Commission.

NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA, that the Mountain Iron City Council, at its meeting held on 4th day of August 2003, upon careful consideration and review, approves the specific areas designated in the application for tax free zones, approves of the use of tax exemptions and tax credits within the designated zones (subject to proper review and approval by the other appropriate taxing authorities within the zones), and encourages the Minnesota Department of Employment and Economic Development to approve the Tax Free Zone Application being submitted by the Arrowhead Regional Development Commission.

BE IT FURTHER RESOLVED, that the City of Mountain Iron agrees to provide all of the local tax exemptions and credits required and provided for under the Job Opportunity Building Zones (JOBZ) Legislation and agrees to forego the tax benefits resulting from the local and state tax exemptions and credits provided under the Job Opportunity Building Zones (JOBZ) Legislation.

DULY ADOPTED BY THE CITY COUNCIL THIS 4th DAY OF AUGUST, 2003.