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9.0. HRSR 09-23-2002
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9.0. HRSR 09-23-2002
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City Government
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HRSR
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9/23/2002
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Review 1"Draft of the City of Elk River Business Subsidies Policy <br /> September 23,2002 <br /> Page 2 <br /> • Summary <br /> The proposed Business Subsidies Policy includes provisions required by the MN Business <br /> Subsidy Law,including: <br /> • Specific minimum requirements that recipients must meet in order to be eligible to <br /> receive business subsidies. Recipients will also be required to meet the City's specific <br /> guidelines for the particular form of subsidy being requested. <br /> • Specific wage floor for the wages to be paid for the jobs created or retained. The <br /> wage floor may be stated as a specific dollar amount or may be stated as a formula <br /> that will generate a specific dollar amount. Staff recommends that a minimum wage <br /> floor be established for all types of business subsidy provided by the city. The <br /> attached Business Subsidy Law Fact Sheet defines the types of business subsidies in <br /> which the law applies. <br /> The following job and wage criteria currently exists within the respective city policies: <br /> • Tax Increment Finance Economic Development Districts <br /> o Creation of 1 full-time job per$25,000 of TIF, no wage criteria <br /> • Tax Rebate Finance <br /> o No specific job and wage criteria <br /> • Economic Development Micro-Loans <br /> o Supplemental Financing Program (loans up to $50,000) <br /> - 1 full-time job per$20,000 loaned with a minimum average wage of <br /> • $8.00 per hour plus benefits. <br /> o Industrial Incentive Program (loans up to $100,000) <br /> - 1 full-time job per $20,000 loaned with a minimum average wage of <br /> $10 per hour plus benefits. <br /> o Redevelopment Financing Program (loans up to $50,000) <br /> - No specific job and wage criteria <br /> The proposed City of Elk River Business Subsidies Policy includes a minimum wage floor of <br /> $15.00 per hour exclusive of benefits. The particular wage floor is proposed based upon the <br /> average wage of industrial companies in Elk River (2002 Business Retention Report$14.94). <br /> The city has the flexibility to deviate from its policy by documenting the reason and <br /> providing to the MN Dept of Trade& Economic Development. In addition the city may <br /> set the job and wage goals at zero for a particular project following a public hearing. <br /> Or, the City may consider a formula such as the St. Cloud Housing&Redevelopment <br /> Authority. The St. Cloud HRA established the attached"Threshold Minimum Average <br /> Wage" to be applied to economic development projects that receive public assistance. <br /> The policy was developed to encourage employers to pay employees a wage that would allow <br /> them to be able to afford housing in the area based on their wages. The threshold is <br /> annually based upon the standard definition for local incomes and rents (3-bedroom <br /> apartment) established by the US Department of Housing and Urban Development (HUD). <br /> 410 <br />
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