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ECity l Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business February 18, 2014 Brian Beeman, Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Business Subsidy Policy Jeremy Barnhart,Deputy Director,CODD <br /> Reviewed by <br /> Action Requested <br /> Approve by motion, the Business Subsidy Policy and recommend to the City Council on same. <br /> Background/Discussion <br /> As Springsted, the city's financial consultant was reviewing the TIF policy and other economic <br /> development policies of the city,minor inconsistencies were identified. In an attempt to streamline the <br /> policies and be consistent with current State Statutes, Springsted has developed recommendations to <br /> update the policies. A copy of the proposed updated policy is attached.A representative from Springsted <br /> will be available for any questions. <br /> The recommended amendments include a revised definition of Business Subsidy,a revision to the <br /> minimum wage requirements, and the removal of the guidelines for redevelopment and renovation <br /> business subsidies. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • Updated Business Subsidy Policy <br /> t'I ■ EIEI IT <br /> INA1URE <br />