Laserfiche WebLink
MEMORANDUM <br /> <br />TO: <br /> <br />CC: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />EDA Finance Committee <br /> <br />Lori Johnson, Finance Director <br /> <br />Heidi Steinmetz, Assistant Director of Economic Development <br />June 9, 2004 <br /> <br />Consider Micro Loan Application: Badger Ventures, LLC <br />(Gradient Technology) <br /> <br />~SSUe <br />The attached meeting minutes summarize the Finance Committee's consideration of the <br />Badger Ventures, LLC Micro Loan application on June 1, 2004. Due to the Committee's <br />request for additional information (the City's Business Subsidies PoLicy and information <br />regarding the legal de between Badger Ventures and Gradient Technology) and a lack of a <br />quorum, there was no action on the Badger Ventures request. Therefore, the Committee <br />must continue discussions on the consideration of the request. The attached memorandum <br />surn_madzes the request. <br /> <br />Business Subsidies Polic.y <br />The Ciw's Business Subsidies Policy and background material about r_he MN Business <br />Subsidy Law is attached. Note page five which states that "Each company receiving a <br />business subsidy shall be subject to the subsidy agreement and reporting provisions and <br />requirements set forth by the MN Business Subsidy Law". <br /> <br />In addition, Finance Committee members may recall at the recent Economic Development <br />Strategic Planning Sessions that a discussion was held regarding a concern that the City's <br />Business Subsidies Policy $15/hour wage requirement may be too high. Staff requests t_he <br />Finance Committee's input be provided in a recommendation to the EDA. An analysis of <br />area com_mumty business subsidies wages is attached for your review. <br /> <br />Legal Tie Bet-,veen Badger Ventures & Gradient Technology <br />Staff obtained the opinion of the City's TIF/Abatement attorney regarding the legal tie <br />bet~ceen Badger Ventures and Gradient TechnologT. Verbiage will be included in the Tax <br />Abatement agreement and the Nficro Loan Subsidy Agreement bet-ween Badger Ventures <br />and Gradient Technolo~ requiring Badger Venires to reqUZre Gradient Technolo~ to <br />accomplish job and wage goals. <br /> <br /> <br />