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EDA Agenda Memo <br /> February 14, 2000 Meeting <br /> Page 3 <br /> • gap. Such is the case with the John Weicht proposal in the McChesney <br /> Industrial Park. <br /> The business subsidy law requires that a public hearing be held prior <br /> to approval of a tax abatement policy. The earliest that a tax <br /> abatement policy could be brought forward to the EDA would be March <br /> 13, 2000. Staff suggests at that time the EDA review the draft policy <br /> and provide its input and authorize holding a public hearing to <br /> formally adopt such policy. The public hearing and formal policy <br /> adoption would likely occur at the regular EDA meeting in April 2000. <br /> The business subsidy law is very specific in stating that no tax <br /> abatement projects are to be approved by the governing bodies until <br /> such tax abatement policy has been formally adopted. <br /> Staff suggests that the EDA Finance Committee be used in a process <br /> similar to that of the micro loan process, in which tax abatement <br /> applicants would be asked to come forward initially to the Finance <br /> Committee for a recommendation prior to presenting their request to <br /> the full EDA. <br /> Recommendation <br /> • Staff recommends authorization to proceed with drafting a tax <br /> abatement policy for discussion at the next EDA meeting on March 13, <br /> 2000. <br />