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El .�.� Request for Action <br /> Ricer <br /> To Item Number <br /> Economic Development uthority Finance Committee 4.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 30,2016 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> EDA Financial Policy Annual Review Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Consider the changes made to the EDA Tax Abatement Policy. <br /> Background/Discussion <br /> Staff,in conjunction with our attorney and financial advisor,reviewed and revised the EDA loan <br /> programs and policies based on discussions from the April 26 meeting. <br /> Changes to the Property Tax Abatement Policy include the following: <br /> 1. Subsidy and Reporting Requirements <br /> 2. Removed the requirement of a minimum assessment agreement per attorney <br /> 3. Application fee increased to $10,000 <br /> 4. Added Reimbursement of Costs of Review <br /> Financial Impact <br /> None <br /> Attachments <br /> ■ Property Tax Abatement Policy <br /> i <br /> 0WEAED 6Y <br /> 4A R <br />