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Item -6.2. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br />DATE: <br /> <br />Housing & Redevelopment Authority <br />Mayor & Cit~ Council <br /> <br />Catherine Mehelich, Director of Economic Development~/~L <br />November 25, 2002 <br /> <br />SUBJECT: Public Hearing-Adoption of the City of Elk River Business <br /> Subsidies Policy <br /> <br />Attachments <br /> · Proposed City of Elk River Business Subsidies Policy <br /> <br />Issue <br />The issue before the HRA and City Council is to each hold a public hearing on and consider <br />the adoption of the attached City of Elk River Business Subsidies Policy. <br /> <br />Background <br />Prior to awarding any subsidy, as defined by law, to any business, a City Council and any <br />HRA, EDA must hold a public hearing and adopt criteria for awarding business subsides. <br />The criteria must include a policy regarding the wages to be paid for any jobs created or <br />retained. The city has the flexibility to deviate from the policy in accordance with statutory <br />limitations (ie. documentation stating reasons for deviation must be provided to the MN <br />Dept of Trade & Economic Development as part of the annual report). <br /> <br />The EDA, Finance Committee, HRA and City Council have reviewed the attached policy <br />over the last two months for input. The EDA recently adopted the policy following its <br />public hearing held earlier this month. <br /> <br />Action Requested <br />Staff recommends that the HRA and City Council consider any input provided at its <br />respective public hearings and then adopt the City of Elk River Business Subsidies Policy. <br /> <br />S:\EDANBusSubsidy~NovHRACC.doc <br /> <br /> <br />