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Review 1st Draft of the City of Elk River Business Subsidies Policy <br />September 23, 2002 <br />Page 3 <br /> <br />Based on the formuh adopted by St. Cloud, the City of Elk River would have the foltowmg <br />result: <br /> Hourly Wage: $22.42 <br /> Annual Wage: $46,640 <br /> % allocated to shelter costs: 30% <br /> <br />Annual Shelter costs $13,992 <br />Monthly Shelter costs $ 1,166 * <br /> <br />*Formula: Using the 2002 Fair Market Value Rent for a 3-bedroom <br />apartment m Sherburne County as included in the Mmneapolis-St. Paul MSA. <br /> <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 /> <br />The draft policy was reviewed by the EDA at its regular meeting on September 9, 2002. <br />It was the consensus of the EDA that a specific dollar amount be used as the wage floor, <br />rather than a formula tied to housing. The wage floor established is the minimum wage <br />required for a certain number of jobs to be created or retained. It is not to be used as an <br />average wage for all jobs. <br /> <br />Staff requests the HRA and City Council's review feedback regarding the proposed City of <br />Elk River Business Subsidies Policy. <br /> <br /> <br />