Laserfiche WebLink
EGty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> Public Hearin s lFebruary19, 2019 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Business Subsidy Agreement Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> 1. Open public hearing to consider changes to the city's Business Subsidy Policy. <br /> 2. Following the public hearing, the Council is asked to consider adoption of the attached resolution <br /> approving the changes to the city's Business Subsidy Policy. <br /> Background/Discussion <br /> The Business Subsidy Policy establishes guidelines and criteria for the use of business subsidies including <br /> tax increment financing and tax abatement for private development projects. It is set in accordance with <br /> the requirements and limitations set forth by provisions of Minnesota Statutes Section 1161J.993 to <br /> 116J.995 (Minnesota Business Subsidy Law) and city policy and guidelines of the particular subsidy. <br /> These guidelines shall be used in processing and reviewing applications for business subsidies. The policy <br /> was last amended in April of 2015 and subsequently approved by the City Council. <br /> Our attorney recommended the following changes to the policy and subsequently the EDA and the HRA <br /> approved those changes: <br /> ■ The definition of"benefit date" as the Business Subsidy Act,Minnesota Statutes, Sections <br /> 116J.993 — 116J.995,gives recipients more flexibility as to how to determine the benefit date than <br /> is reflected in the current policy. <br /> ■ Cleaning up some other sections to allow for future updates in the Business Subsidy Act. <br /> Following approval of the changes, the EDA and the HRA would then adopt resolutions approving the <br /> changes at their next meetings and submitted to DEED. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ 2015 Approved Business Subsidy Policy <br /> ■ 2019 Attorney changes to the Business Subsidy Policy (Redlined) <br /> ■ 2019 Business Subsidy Policy (Clean) <br /> ■ Resolution <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />