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Item # 6 <br /> City of <br /> Eli. -�-� <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Developmen(/�1 <br /> DATE: October 14, 2002 <br /> SUBJECT: City of Elk River Business Subsidies Policy— Second Draft <br /> Attachment <br /> • City of Elk River Business Subsidies Policy, Second Draft <br /> Background <br /> The 2000 MN Business Subsidy Law requires subsidy grantors to establish "Business <br /> • Subsidy" Criteria by May 2003. Since the EDA's review in September, the draft policy has <br /> also been reviewed by the Housing&Redevelopment Authority, City Council, and most <br /> recently by the EDA Finance Committee. The attached policy includes revisions suggested <br /> during the last month's review process. <br /> The wage floor established is the minimum wage required for a certain number of jobs to be <br /> created or retained by businesses that receive subsidy assistance from the city. It is not to be <br /> used as an average wage for all jobs. <br /> The MN Business Subsidy Law requires granting agencies to hold a public hearing prior to <br /> the adoption of its business subsidies policy. <br /> Recommendation <br /> Following the EDA's review of the revised draft Business Subsidies Policy, staff <br /> recommends that the EDA call a public hearing for Tuesday, November 12, 2002 at 6:00 <br /> p.m. regarding the proposed City of Elk River Business Subsidies Policy. Following the <br /> public hearing the EDA may consider adoption of the policy. <br /> • <br />