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Request for Action <br />To <br />Item Number <br />Housing and Redevelopment Authority <br />7.1 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />March 4, 2019 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />Business Subsidy Policy <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Approve, by motion, a resolution approving changes to the city's Business Subsidy Policy. <br />Background/Discussion <br />At their February 4, 2019, annual meeting, the HRA approved the changes to the Business Subsidy Policy <br />recommended by the HRA attorney. The City Council held a public hearing on February 19, 2019, to <br />consider the changes to the policy and invite public comment. No one spoke at the public hearing. The <br />Council adopted resolution 19-06 approving the changes to the policy. <br />The purpose of the Business Subsidy Policy is to establish guidelines and criteria regarding the use of <br />business subsidies including tax increment financing and tax abatement for private development projects. <br />This policy outlines criteria for providing subsidies, in addition to the requirements and limitations set <br />forth by provisions of Minnesota Statutes Section 1161J.993 to 116J.995 Minnesota Business Subsidy Law, <br />and the city's policy and guidelines of the particular form of subsidy. <br />These guidelines shall be used in processing and reviewing applications for business subsidies. <br />Financial Impact <br />N/A <br />Attachments <br />2019 Business Subsidy Policy <br />■ CC Resolution 19-06 <br />■ HRA Resolution <br />The Elk River Vision <br />A PehoMing community Pitb revolutionary and spirited resourcefulness, exceptional P,` 01 W E H E 8 6 T <br />service, and community engagement that encourages and inspires prosperity INAWRE1 <br />