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Item ~ 5.3. <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 />October 28, 2002 <br /> <br />SUBJECT: City of Elk River Business Subsidies Policy- Second Draft <br /> <br />Attachment <br /> · City of Elk River Business Subsidies Policy, Second Draft <br /> <br />Background <br />The 2000 MN Business Subsidy Law requires subsidy grantors to establish "Business <br />Subsidy" Criteria by May 2003. Since the HRA and Council's review in September, the draft <br />policy has also been reviewed by the EDA Finance Committee. The attached policy <br />includes revisions suggested during the last month's revie~v process. <br /> <br />The wage floor established is the minimum wage required for a certain number of jobs to be <br />created or retained by businesses that receive subsidy assistance from the city. It is not to be <br />used as an average wage for all jobs. <br /> <br />The MN Business Subsidy Law requires granting agencies to hold a public hearing prior to <br />the adoption of its business subsidies policy. <br /> <br />Recommendation <br />Following review of the revised Business Subsidies Policy, staff recommends that the HRA <br />call a public hearing for Monday, November 25, 2002 at 5:00 p.m. regarding its consideration <br />of the proposed City of Elk River Business Subsidies Policy. Following the public hearing <br />the HRA may consider adoption of the policy. <br /> <br />Staff recommends that the City Council call a public hearing for Monday, November 25, <br />2002 at 6:00 p.m. in regards to its consideration of the proposed City of Elk River Business <br />Subsidies Policy. Likexvise, the City Council may consider formal adoption of the policy <br />following the public hearing. <br /> <br /> <br />