99-8805r
62
RESOLUTION NO. 8805
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, provides 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 $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
has been 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
Avenue South, Richfield, Minnesota after proper notice.
2. A business subsidy agreement in the amount of $35,000 is approved.
Adopted by the City Council for the City of Richfield, Minnesota this 22nd
day of November 1999.
ATTEST:
~~ pQ~
Thomas P. Ferber, City Clerk