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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.4 <br /> Agenda Section Meeting Date Prepared by <br /> Consent November 2, 2015 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> HRA Blighted Properties & Forgivable Cal Portner, City Administrator <br /> Commercial/Industrial Loan Program Reviewed by <br /> Action Requested <br /> Approve,by motion, the revisions to the HRA Blighted Properties Forgivable Commercial/Industrial <br /> Loan program policy and application. <br /> Background/Discussion <br /> The HRA approved the attached Blighted Properties Forgivable Commercial and Industrial Loan Policy <br /> at their September 8,2015, meeting and was subsequently approved by the City Council at their <br /> September 21, 2015, meeting. <br /> After careful review of the city's business subsidy policy, staff has made some administrative corrections <br /> to the Blighted Properties Forgivable Commercial and Industrial policy to correlate with the policy that <br /> was amended on April 20, 2015. Corrections include: <br /> • Updated the wages as it correlates to the adopted business subsidy policy. The minimum zvage for a <br /> job to be considered a near or retained job shall be the greater of$15.00 per hour or 950% of state or federal <br /> mi.ni.mum zvage, P)hichever is greater, exclusive of benefits required by lap). <br /> • Included in parenthesis the maximum points allowed per criteria in the application review <br /> worksheet, and recalculated subtotal for Section 3 of the review worksheet. <br /> The HRA approved the revisions of the Blighted Properties Commercial and Industrial Loan Policy <br /> during their meeting this evening. Staff is requesting final action tonight by the City Council. <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ HRA Blighted Properties & Forgivable Commercial/Industrial Loan program <br /> ■ 2015 Business Subsidy Policy <br /> POWERED 6T <br /> AR <br />