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11/02/2017 EDAC Packet
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11/02/2017 EDAC Packet
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10/30/2017 9:06:35 AM
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EDAC
EDAC Document Type
EDAC Packet
Meeting Date
11/02/2017
EDAC Meeting Type
Regular
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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR: Michael Grochala <br />EDAC MEETING DATE: November 2, 2017 <br />REQUEST: Incentive Policy Update Cont. <br />BACKGROUND <br />In June of 2016 the City revised its Business Subsidy Criteria as required by State Law. The <br />criteria are intended to set minimum requirements which recipients must meet to be eligible to <br />receive business subsidies. All business subsidy requests must comply with the State's Business <br />Subsidy Act. A business subsidy must meet a public purpose such as increasing the tax base. <br />The requirements must include specific wage floor for the wages to be paid for jobs created. <br />In addition City has both a Tax Increment Financing Policy and a Tax Abatement Policy. These <br />documents are intended to provide a guide for use of these financial tools for private <br />development above and beyond the requirements of set forth by state law. Staff is proposing to <br />update and combine these two policies into one overall policy document. <br />Staff will provide a review of the differences between Tax Increment Financing (TIF) and tax <br />abatement. Additionally, Kirsten Barsness, of Barsness Consulting, will lead a review and <br />discussion on the objectives, policies, and project qualifications. <br />This discussion is a continuation of the one discussed in the October 51h meeting. <br />EDAC CONSIDERATION <br />Staff is requesting continued EDAC discussion and recommendation regarding the proposed <br />policy changes. <br />ATTACHMENTS <br />1. TIF and Tax Abatement comparison <br />2. Lino Lakes TIF policy <br />3. Lino Lakes Tax Abatement policy <br />
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