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�i <br /> EOty lk Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.11 <br /> Agenda Section Meeting Date Prepared by <br /> Consent Aril 20, 2015 Jeremy Barnhart, Deputy Director, CODD <br /> Item Description Reviewed by <br /> Business Subsidy Policy Amendment Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve, by motion, the amendment to the Business Subsidy Policy. <br /> Background/Discussion <br /> The EDA is expected to approve an amendment to the Business Subsidy Policy to allow business <br /> subsidies to retail and service businesses at their meeting on April 20. This amendment is in response to <br /> GATR's proposed development in the Natures Edge Business Park, and their desire for tax abatement. <br /> The Business Subsidy Policy, Section V, Guidelines for Commercial/Industrial Business Subsidies, states: <br /> A. Business subsidies will not be used for retail or service businesses unless it is a redevelopmentproiect that <br /> demonstrates[bat it will result in a substantial increase in tax base and a significant improvement in quality <br /> employment. <br /> The EDA is expected to approve the following language. The minimum wage percentage will be <br /> somewhere between 150-225% of the state or federal minimum wage, though that has not been decided <br /> as of this writing. <br /> A. Business subs' es may be considered for retail or service businesses if it will result in sa[ising a clear <br /> strategicgoal of the City, includzng but not limited to substantial increase in tax base and a significant <br /> improvement in a redevelopmentproiect, quality employment,paying at least % of[be state orfederal <br /> minimum wage, wbicbever is greater. <br /> The EDA Finance Committee reviewed the business subsidy policy at their meeting on March 24, and <br /> unanimously supported the amended language. <br /> Attachments <br /> ■ Draft Policy <br /> p 0 W I R I I a <br /> ATURE <br />