99-8791r
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RESOLUTION NO. 8791
RESOLUTION AUTHORIZING THE ADOPTION OF BUSINESS SUBSIDY
AGREEMENT WITH RICHFIELD STATE AGENCY, INC.
WHEREAS, the City of Richfield, Minnesota, (the "City") as part of its operations
may provide economic assistance to individuals who are engaged in the development
and redevelopment of land within the City; and
WHEREAS, pursuant to legislation enacted this year by the State of Minnesota,
("Business Subsidy Act"), the City Council is required to enter into an agreement with
any recipient of a business subsidy conforming to the requirements of the Business
Subsidy Act prior to granting such assistance; and
WHEREAS, Richfield State Agency, inc. ("RSA") has requested business
subsidy assistance and the City engineer has evaluated the request for certain utility
work required in connection with RSA's Urban Village development; and
WHEREAS, the amount of business subsidy assistance has been determined to
be approximately $35,000 which will be paid from the storm sewer utility account in
accordance with a business subsidy agreement with RSA; and
WHEREAS, the Business Subsidy Act further provides that the approval of such
an agreement must be preceded by a public hearing on the matter in situations where
the subsidy exceeds $100,000 and legal counsel has advised that public hearings may
be held for amounts in excess of $25,000.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
1. A public hearing on the approval of a business subsidy agreement with RSA
will be held before the City Council on November 22, 1999 at 7:00 p.m. in the City
Council Chambers at the Richfield City Hall located at 6700 Portland Ave South,
Richfield, Minnesota.
2. Copies of the proposed business subsidy agreement will be available for
public inspection on and after November 1, 1999 at the Richfield City Hall
during normal business hours. [Copies will also be posted on the Richfield
Web page www.cLrichfield.mn.us on and after that date.]
3. The City Clerk is directed to publish notice of the hearing once in the official
newspaper of the City not more than 30 days and not less that ten days prior to the
hearing date.
Adopted by the City Council for the City of Richfield, Minnesota this 25th day of
October, 1999.
ATTEST:
-I~ fJ ~
Thomas P. Ferber, City Clerk