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Item # 3 .5 . <br /> • <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Developmen <br /> DATE: December 9, 2002 <br /> SUBJECT: Consider Amendment to the City of Elk River Business <br /> Subsidies Policy <br /> Attachments <br /> • City of Elk River Business Subsidies Policy,Amended. <br /> Prior to awarding any business subsidy, a City Council, HRA, and EDA must each adopt <br /> • criteria for awarding business subsidies. The criteria must include a policy regarding the <br /> wages to be paid for any jobs created or retained by businesses that receive subsidy <br /> assistance. <br /> At its November meeting the EDA held a public hearing and adopted the City of Elk River <br /> Business Subsidies Policy. Subsequently, the HRA and City Council held public hearings <br /> and considered adoption of the same policy. The HRA and City Council adopted the policy <br /> with the following amendment to Section I,Paragraph 3: <br /> EDA Adopted Policy Language: <br /> "It is the intent of the City to provide a minimum amount of business subsidies, as well as, <br /> other incentives that the City may deem appropriate, at the shortest term required for the <br /> project to proceed." <br /> Amended Language: <br /> "It is the intent of the City to provide business subsidies, as well as, other incentives that the <br /> City may deem appropriate, at the shortest term required for the project to proceed." <br /> The concern raised by HRA and Council members was whether or not the language <br /> conveyed a pro-business development message in a competitive environment. <br /> Action Requested <br /> • Staff recommends that the EDA consider adopting the above amendment to the City of Elk <br /> River Business Subsidies Policy. <br /> S:\EDA\BusSub sidy\DecEDA.doc <br />