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Item ~ 4.5. <br /> <br />l iver <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br />DATE: <br /> <br />Housing & Redevelopment Authority <br />Mayor & City Council <br /> <br />Catherine Mehelich, Director of Economic Developmen/~//~ <br />September 23, 2002 <br /> <br />SUBJECT: <br /> <br />Review First Draft of the City of Elk River Business Subsidy <br />Policy <br /> <br />Attachments <br /> · l't Draft, City of Elk River Business Subsidies Policy <br /> · Fact Sheet: 2000 Business Subsidies Law <br /> · Information from the St. Cloud Housing & Redevelopment Authority regarding <br /> Threshold for Economic Development Activities <br /> <br />Background <br />The 2000 MN Business Subsidy Law requires subsidy grantors to establish "Business <br />Subsidy" Criteria by May 2003. The attached City of Elk River Business Subsidies Policy is <br />the first draft for review. Besides meeting the statutory requirements, the purpose of the <br />policy is to establish a minimum wage floor for all types of business subsidies that may be <br />provided by the City of Elk River, in addition to the project meeting the city's specific <br />guidelines for each particular form of subsidy, .i.e. Tax Increment Finance, Tax Rebate <br />Finance, Economic Development Micro-Loans. <br /> <br />Staff proposes the following timetable for review and adoption of the city's Business Subsidy <br />Policy by the EDA, HRA and City Council: <br /> <br />· First Draft Review by the EDA,. HRA and City Council <br />· Review by the EDA Finance Committee <br />· Second Draft Review by the EDA, HRA and City Council <br />· Public Hearing by the EDA, HKA and City Council and <br /> Consider Adoption of the Business Subsidy Policy <br />· Staff submits the Policy to the MN Dept of Trade & Economic <br /> Development with annual report as required by law. <br /> <br />September <br />October <br />October <br />November <br /> <br />February 2003 <br /> <br /> <br />