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TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Enclosure 4B <br /> <br />Board of Commissioners <br /> <br />Marshall Weems <br /> <br />April 30, 2001 <br /> <br />Establishment of a Threshold for Economic Development Activities <br /> <br />During the past several years the HRA board has looked at what sort of wages that jobs created <br />by the HRA activities should pay. Most recently the Board has expressed an interest in <br />determining what type of wages should be paid for permanent jobs created through our <br />economic development activities. <br /> <br />CommissiOner Podawiltz has suggested a "Threshold Minimum Average Wage" that ought to be <br />in place for Economic Development projects. <br /> <br />The threshold would be updated annually by the US Treasury and US Department of Housing~z <br />and Urban Development statistics. The threshold would not apply to any projects except for '"~. <br />economic development activities. <br /> <br />For instance, it would apply for a new manufacturing facility, but would not apply to a <br />redevelopment project or soils correction project. The reasons for undertaking the <br />redevelopment or soils correction activities may be important to the community. However, the <br />reason for undertaking these activities are not to create permanent good paying jobs. <br />The <br /> threshold <br /> would <br /> establish a wage rate that would allow the employees to be able to afforc~ <br />housing in St. Cloud. <br /> <br />The year 2001 Fair Market Rent Limits for Stearns County is as follows: <br /> Number of Bedrooms <br /> <br /> 0 I 2 3 4 <br /> $330 427 505 637 813 <br /> <br />90 <br /> <br /> <br />