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• AGENDA ITEM 3E <br />• <br />STAFF ORIGINATOR: Al Rolek <br />DATE: 5/29/01 <br />TOPIC: Consideration of Authorizing Staff to draft a Business <br />Subsidy Agreement for the Marketplace Development <br />Vote Required: Simple Majority <br />BACKGROUND: <br />A request has been made to the city for tax abatement to be provided to the <br />Marketplace Development. According to the Minnesota Business Subsidy Law, a <br />subsidy agreement must be completed that defines the nature of, the amount of, <br />and the reasons for the subsidy, wage and job goals, and other commitments <br />from the recipients. <br />This council action directs staff to draft a business subsidy agreement for the <br />Marketplace development for council consideration at the July 23, 2001 city <br />council meeting. <br />OPTIONS: <br />1. Direct staff to draft a Business Subsidy Agreement for the Marketplace <br />Development <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />