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<br />Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 7.2 <br />Agenda Section Meeting Date Prepared by <br />General Business March 18, 2019 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Business Subsidy Policy Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, a resolution approving changes to the city’s Business Subsidy Policy. <br /> <br />Background/Discussion <br />At their February 18, 2019, annual meeting, the EDA approved the changes to the Business Subsidy <br />Policy recommended by the EDA attorney. The City Council held a public hearing on February 19, 2019, <br />to consider the changes to the policy and invite public comment. No one spoke at the public hearing. The <br />Council adopted resolution 19-06 approving the changes to the policy. <br /> <br />The purpose of the Business Subsidy Policy is to establish guidelines and criteria regarding the use of <br />business subsidies including tax increment financing and tax abatement for private development projects. <br /> <br />This policy outlines criteria for providing subsidies, in addition to the requirements and limitations set <br />forth by provisions of Minnesota Statutes Section 116J.993 to 116J.995 Minnesota Business Subsidy Law, <br />and the city’s policy and guidelines of the particular form of subsidy. <br /> <br />These guidelines shall be used in processing and reviewing applications for business subsidies. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> 2019 Business Subsidy Policy <br /> CC Resolution 19-06 <br /> EDA Resolution <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />