RES 19-02ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ELK RIVER
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION NO. 2019-02
RESOLUTION APPROVING AN AMENDED
BUSINESS SUBSIDY POLICY
WHEREAS, the Board of Commissioners (the "Board") of the Economic Development
Authority of the City of Elk River (the "EDA") 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's 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 EDA previously approved business subsidy criteria and has now
determined to amend the criteria in accordance with the Business Subsidy Act; and
WHEREAS, on the date hereof, 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 EDA; 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
Economic Development Authority of the City of Elk River as follows:
1. The Board hereby adopts the amended Policy, a copy of which is on file at the City
Hall.
2. EDA 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.
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Approved by the Board of Commissioners of the Economic Development Authority of the City of Elk
River this 18'h day of March, 2019.
President
ATTEST:
i
erector
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