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City Council Resolution 2023-92CITY OF MONTICELLO WRIGHT COUNTY STATE OF MINNESOTA RESOLUTION NO.2023-92 RESOLUTION APPROVING AMENDED BUSINESS SUBSIDY POLICY BE IT RESOLVED By the City Council (the "Council") of the City of Monticello, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. The City acknowledges the need at times to provide financial assistance to businesses to further the economic development and redevelopment objectives of the City and to that end, the City has previously adopted criteria (the "Business Subsidy Policy") for the City and the City of Monticello Economic Development Authority (the "Authority") to follow when awarding any "business subsidy" as defined in Minnesota Statutes, Section 116.1.993 through 116J.995, as amended (the "Business Subsidy Act"), as required by the Business Subsidy Act. 1.02. The City and the Authority now desire to amend the Business Subsidy Policy (the "Amended Business Subsidy Policy") and, on this date hereof, the Council has held a duly noticed public hearing on the Amended Business Subsidy Policy as required by the Business Subsidy Act, at which all interested persons were given an opportunity to be heard. Section 2. Amended Business Subsidy Policy Approved. 2.01. The Council hereby approves the Amended Business Subsidy Policy on file in City Hall, which criteria supersedes the Business Subsidy Policy and any other prior business subsidy policy or criteria adopted by the City. 2.02. City staff is authorized to transmit a copy of the Amended Business Subsidy Policy to the Minnesota Department of Employment and Economic Development in accordance with the Business Subsidy Act. Approved by the City Council of the City of Monticello, Minnesota this 231 day of October, 2023. Mayo ATTEST: r City Clerk MN 190\ 101 \906670.v 1