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Item # 6 <br /> iik <br /> River <br /> TO: Economic Development Authority <br /> FROM: MEMORANDUM <br /> Catherine Mehelich, Director of Economic Development <br /> DATE: September 9, 2002 <br /> SUBJECT: Review First Draft of the City of Elk River Business Subsidies <br /> Attachments <br /> • 1'`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 /> Backg <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 /> • 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 /> Development with annual report as required by law. <br /> • <br />