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hi Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.4 <br /> Agenda Section Meeting Date Prepared by <br /> General Business November 2,2015 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> HRA Blighted Properties &Forgivable Cal Portner, City Administrator <br /> Commercial/Industrial Loan program Reviewed by <br /> Action Requested <br /> Approve,by motion,the revisions to the HRA Blighted Properties Forgivable Commercial/Industrial <br /> Loan program policy and application. <br /> Background/Discussion <br /> The HRA approved the attached Blighted Properties Forgivable Commercial and Industrial Loan Policy <br /> at the September 8,2015,meeting and subsequently approved by the city council at the September 21, <br /> 2015, meeting. <br /> After careful review of the city's business subsidy policy, staff has made some administrative corrections <br /> to the Blighted Properties Forgivable Commercial and Industrial policy to correlate with the policy that <br /> was amended on April 20,2015. <br /> Corrections include: <br /> • Staff updated the wages as it correlates to the adopted business subsidy policy. The minimum wage <br /> for a job to be considered a new or retained job shall be the greater of V 15.00 per hour or 150%of state or federal <br /> minimum wage, whichever is greater, exclusive of benefits required by law. <br /> • Staff included in parenthesis the maximum points allowed per criteria in the application review <br /> worksheet, and recalculated subtotal for section 3 of the review worksheet. <br /> Following HRA approval it will go to City Council for final action. <br /> Financial Impact <br /> None <br /> Attachments <br /> • HRA Blighted Properties &Forgivable Commercial/Industrial Loan program <br /> • 2015 Business Subsidy Policy <br /> R / ERER Rr <br /> NA 'URE <br />