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Enclosure 4B <br /> TO: Board of Commissioners <br /> FROM: Marshall Weems <br /> DATE: April 30, 2001 <br /> SUBJECT: Establishment of a Threshold for Economic Development Activities <br /> During the past several years the HRA board has looked at what sort of wages that jobs created <br /> by the HRA activities should pay. Most recently the Board has expressed an interest in <br /> determining what type of wages should be paid for permanent jobs created through our <br /> economic development activities. <br /> Commissioner Podawiltz has suggested a "Threshold Minimum Average Wage" that ought to be <br /> in place for Economic Development projects. <br /> The threshold would be updated annually by the US Treasury and US Department of Housin• <br /> and Urban Development statistics. The threshold would not apply to any projects except for ;- <br /> economic development activities. <br /> For instance, it would apply for a new manufacturing facility, but would not apply to a <br /> redevelopment project or soils correction project. The reasons for undertaking the <br /> • redevelopment or soils correction activities may be important to the community. However, the <br /> reason for undertaking these activities are not to create permanent good paying jobs. <br /> The threshold would establish a wage rate that would allow the employees to be able to afford <br /> housing in St. Cloud. <br /> The year 2001 Fair Market Rent Limits for Stearns County is as follows: <br /> Number of Bedrooms <br /> 0 1 2 3 4 <br /> $330 427 505 637 813 <br /> • - x <br /> 90 <br />