Resolution 49-99 Business Subsidies

BE IT RESOLVED, by the City Council of the City of Mountain Iron, Saint Louis County, Minnesota (the “City”), as follows:

Section 1. Recitals. 

1.01 The Act. The Minnesota State Legislature has enacted the Business Subsidy Act, set forth in Minnesota Statutes Sections 116J.993 through 116J.995 (the “Act”).

1.02 Requirements. The City is subject to the requirements of the Act for business subsidies granted or entered into on or after August 1, 1999. The City may not grant a business subsidy until the City has adopted criteria, after a public hearing, for awarding business subsidies that comply with the Act.

1.03 Business Subsidy. The Act defines a business subsidy as a state or local government agency grant, contribution of personal property, real property, infrastructure, the principal amount of a loan at rates below those commercially available to the recipient, any reduction or deferral of any tax or any fee, any guarantee of any payment under any loan, lease, or other obligation, or any preferential use of government facilities given to a business. 

1.03 Recipient. The Act defines a recipient as any for-profit and certain nonprofit business entities that receive a business subsidy.

Section 2. Public Hearing.

2.01 Public Hearing to be Conducted. In accordance with the Act, the City will conduct a public hearing to consider proposed criteria to be applied by the City in determining whether to make grants, loans or provide other assistance to a business (the “Business Subsidy Criteria”). 

2.02 Notice. The City Administrator is authorized and directed to complete the public notice, substantially in the form attached hereto as Exhibit A, and cause the notice to be published in the official newspaper of the City prior to the date set for the public hearing.

DULY ADOPTED THIS 4TH DAY OF OCTOBER, 1999.

EXHIBIT A

NOTICE OF PUBLIC HEARING ON PROPOSED ADOPTION OF CRITERIA FOR AWARDING BUSINESS SUBSIDIES

CITY OF MOUNTAIN IRON, SAINT LOUIS COUNTY, MINNESOTA

Notice is hereby given that the City Council of Mountain Iron, Minnesota (the “City”) will meet on Monday, November 1, 1999, at 6:30p.m. in the City Hall in Mountain Iron, Minnesota, for the purpose of conducting a public hearing, pursuant to Minnesota Statutes, Section 116J.994, subdivision 2, relative to the proposed adoption of criteria for awarding business subsidies. The purpose of the meeting is to consider proposed criteria to be applied by the City in determining whether to make grants, loans or provide other assistance to a business.

A draft copy of the proposed criteria is available for public inspection at the office of the City Administrator at the City Hall in Mountain Iron, Minnesota, between the hours of 7:30 a.m. and 4:00 p.m. Monday through Friday.

At the public hearing, all interested parties my express their comments for consideration by the City Council.

Dated: October 4, 1999.

CITY OF MOUNTAIN IRON

By /s/ Craig J. Wainio

City Administrator