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tif Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business November 2, 2015 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Business Subsidy Policy Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,the revisions made to the Business Subsidy Policy. <br /> Background/Discussion <br /> The purpose of the overall Business Subsidy policy is to establish guidelines and criteria regarding the use <br /> of business subsidies, such as tax increment financing (TIF), tax abatement, and other business subsidies <br /> for private development projects within the City of Elk River. This policy shall be used as criteria for <br /> providing subsidies,in addition to the requirements and limitations set forth by provisions of Minnesota <br /> Statutes Section 116J.993 to 116J.995 (Minnesota Business Subsidy Law), and the city's policy and <br /> guidelines of the particular form of subsidy. <br /> The policy was originally adopted by the HRA and Council on November 25,2002,and the EDA on <br /> December 9. Revisions were made to the document by the EDA on May 8, 2006,and February 18,2014, <br /> and again on April 20,2015. The City Council subsequently approved the policy immediately following <br /> each of the EDA meetings. <br /> Staff has found that the HRA has not formally adopted the changes that were made to the subsidy policy <br /> and is requesting that the HRA approve,by motion the revisions to the agreement since the last formal <br /> adoption of the policy on November 25,2002. <br /> Attachments <br /> • Business Subsidy Policy <br /> 17y1IESEI 11 <br /> NATURE <br />