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<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Economic Development Authority 6.1 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessApril 20, 2015Jeremy Barnhart, Deputy Director, CODD <br />Item Description Reviewed by <br /> <br />Business Subsidy Policy . <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Approve, by motion, the amendment to the Business Subsidy Policy. <br /> <br />Background/Discussion <br /> <br />The City has received and accepted a purchase agreement from GATR trucking, a business that sells and <br />provides service to large trucks. They have submitted an application for tax abatement financing. <br /> <br />The Business Subsidy Policy, in section V Guidelines for Commercial/Industrial Business subsidies, <br />states: <br /> <br /> <br />A.Business subsidies will not be used for retail or service businesses unless it is a redevelopment <br />project that demonstrates that it will result in a substantial increase in tax base and a significant <br />improvement in quality employment. <br /> <br />GATR is considered a retail and service business, and would not qualify for a subsidy under current <br />policy. If the EDA has a desire to provide business subsidies for retail and service businesses, including <br />in some cases restaurants, the following language may be used to replace the subparagraph A above: <br /> <br />A. Business subsidies may be considered for retail or service businesses if it will result in <br />satisfying a clear strategic goal of the City, including, but not limited to substantial increase in <br />tax base and a significant improvement in a redevelopment project, quality employment, <br />paying at least _____% of the state or federal minimum wage, whichever is greater. <br /> <br />th <br />The EDA Finance Committee reviewed the business subsidy policy at their meeting on March 24, and <br />unanimously supported the amended language. <br /> <br />Attachments <br /> <br /> <br /> <br />Draft Policy <br /> <br /> <br />Minimum wage calculation <br /> <br /> <br />