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Item 6 . 1 . -6 . 2. <br /> • <br /> City 7(44 <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> Mayor & City Council <br /> FROM: Catherine Mehelich, Director of Economic Developmen <br /> DATE: November 25, 2002 <br /> SUBJECT: Public Hearing—Adoption of the City of Elk River Business <br /> Subsidies Policy <br /> Attachments <br /> • Proposed City of Elk River Business Subsidies Policy <br /> Issue <br /> The issue before the HRA and City Council is to each hold a public hearing on and consider <br /> the adoption of the attached City of Elk River Business Subsidies Policy. <br /> Background <br /> Prior to awarding any subsidy, as defined by law, to any business, a City Council and any <br /> HRA, EDA must hold a public hearing and adopt criteria for awarding business subsides. <br /> The criteria must include a policy regarding the wages to be paid for any jobs created or <br /> retained. The city has the flexibility to deviate from the policy in accordance with statutory <br /> limitations (ie. documentation stating reasons for deviation must be provided to the MN <br /> Dept of Trade &Economic Development as part of the annual report). <br /> The EDA, Finance Committee, HRA and City Council have reviewed the attached policy <br /> over the last two months for input. The EDA recently adopted the policy following its <br /> public hearing held earlier this month. <br /> Action Requested <br /> Staff recommends that the HRA and City Council consider any input provided at its <br /> respective public hearings and then adopt the City of Elk River Business Subsidies Policy. <br /> • <br /> S:\EDA\BusSubsidy\NovHRACC.doc <br />