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• <br />• <br />• <br />AGENDA ITEM 6D -iii <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 1/24/00 <br />TOPIC: Consideration of Business Subsidy for H &L Mesabi <br />Vote Required: Simple Majority <br />BACKGROUND: <br />Earlier this evening the Economic Development Authority held a public hearing <br />regarding a proposed $110,200 business subsidy in the form of Tax Increment <br />Financing to H &L Mesabi for the construction of a 15,000 square foot facility in <br />the Apollo Business Park. A new state statute requires that a public entity —in <br />this case the EDA—finds that the granting of a subsidy meets the best interests <br />of the city. As required by state statute, the city council is required to also <br />approve the subsidy. <br />This subsidy is to write down a portion of the cost of land and assessments on <br />the project according to the terms of a development agreement. <br />OPTIONS: <br />1. Approve the business subsidy for H &L Mesabi <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />