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Review 1st Draft Business Subsidy Policy <br /> September 5,2002 <br /> Page 3 of 3 <br /> • Based on the formula adopted by St. Cloud, the City of Elk River would have the following <br /> result: <br /> Hourly Wage: $22.42 <br /> Annual Wage: $46,640 <br /> % allocated to shelter costs: 30% <br /> Annual Shelter costs $13,992 <br /> Monthly Shelter costs $ 1,166 * <br /> *Formula: Using the 2002 Fair Market Value Rent for a 3-bedroom <br /> apartment in Sherburne County as included in the Minneapolis-St.Paul MSA. <br /> Action Requested <br /> The proposed Business Subsidies Policy has been reviewed by attorney,Jim O'Meara of <br /> Briggs &Morgan, for meeting the statutory requirements of the MN Business Subsidy Law. <br /> Staff requests the EDA's review and direction regarding revisions to the proposed City of <br /> Elk River Business Subsidies Policy. <br /> • <br /> • <br />