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• J <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 /if <br /> I <br /> DATE: October 28, 2002 <br /> SUBJECT: City of Elk River Business Subsidies Policy— Second Draft <br /> Attachment <br /> • City of Elk River Business Subsidies Policy, Second Draft <br /> Background <br /> • The 2000 MN Business Subsidy Law requires subsidy grantors to establish "Business <br /> Subsidy" Criteria by May 2003. Since the HRA and Council's review in September, the draft <br /> policy has also been reviewed by the EDA Finance Committee. The attached policy <br /> includes revisions suggested during the last month's review process. <br /> The wage floor established is the minimum wage required for a certain number of jobs to be <br /> created or retained by businesses that receive subsidy assistance from the city. It is not to be <br /> used as an average wage for all jobs. <br /> The MN Business Subsidy Law requires granting agencies to hold a public hearing prior to <br /> the adoption of its business subsidies policy. <br /> Recommendation <br /> Following review of the revised Business Subsidies Policy, staff recommends that the HRA <br /> call a public hearing for Monday, November 25, 2002 at 5:00 p.m. regarding its consideration <br /> of the proposed City of Elk River Business Subsidies Policy. Following the public hearing <br /> the HRA may consider adoption of the policy. <br /> Staff recommends that the City Council call a public hearing for Monday, November 25, <br /> 2002 at 6:00 p.m. in regards to its consideration of the proposed City of Elk River Business <br /> Subsidies Policy. Likewise, the City Council may consider formal adoption of the policy <br /> following the public hearing. <br /> • <br />