Laserfiche WebLink
Item # 9 <br /> • <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> Mayor & City Council <br /> FROM: Catherine Mehelich, Director of Economic Developmen 1 <br /> DATE: September 23, 2002 <br /> SUBJECT: Review First Draft of the City of Elk River Business Subsidy <br /> Policy <br /> Attachments <br /> • 15`Draft, City of Elk River Business Subsidies Policy <br /> • Fact Sheet: 2000 Business Subsidies Law <br /> • • Information from the St. Cloud Housing&Redevelopment Authority regarding <br /> Threshold for Economic Development Activities <br /> Background <br /> The 2000 MN Business Subsidy Law requires subsidy grantors to establish "Business <br /> Subsidy" Criteria by May 2003. The attached City of Elk River Business Subsidies Policy is <br /> the first draft for review. Besides meeting the statutory requirements, the purpose of the <br /> policy is to establish a minimum wage floor for all types of business subsidies that may be <br /> provided by the City of Elk River,in addition to the project meeting the city's specific <br /> guidelines for each particular form of subsidy,i.e. Tax Increment Finance,Tax Rebate <br /> Finance, Economic Development Micro-Loans. <br /> Staff proposes the following timetable for review and adoption of the city's Business Subsidy <br /> Policy by the EDA, HRA and City Council: <br /> • First Draft Review by the EDA, HRA and City Council September <br /> • Review by the EDA Finance Committee October <br /> • Second Draft Review by the EDA, HRA and City Council October <br /> • Public Hearing by the EDA, HRA and City Council and November <br /> Consider Adoption of the Business Subsidy Policy <br /> • Staff submits the Policy to the MN Dept of Trade & Economic February 2003 <br /> 1111 Development with annual report as required by law. <br />