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Ci of <br />River <br />Request for Action <br />To <br />Item Number <br />Economic Development Authority <br />3.6 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent <br />August 21, 2017 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Modification to the Jobs Incentive Microloan Policy <br />funded by State DEED money <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Approve, by motion, a modification to the Jobs Incentive Microloan Policy <br />Background /Discussion <br />An administrative change to the policy includes an update to the Prevailing Wage section which <br />references the State MIF Guidelines: <br />Per Minn. Stat. 116J.871, laborers and mechanics at the project site during construction, installation, <br />remodeling, and repairs must be paid the state prevailing wage if the financial assistance is greater than <br />$500,000 for a loan. All contracts for publicly owned infrastructure using the RLF must comply with the <br />prevailing wage provisions. <br />Financial Impact <br />None <br />Attachments <br />• Jobs Incentive Microloan Policy <br />• State MIF Guidelines <br />�0 ■EAEI I <br />NATU:Ri <br />