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Mounds View EDA April 14, 2003 <br />Regular Meeting Page 2 <br /> <br />business subsidy would be and listed the exclusions. <br /> <br />Economic Development Coordinator Backman indicated that the 2000 amendments to the law <br />indicate that the criteria cannot be adopted on a case by case basis and that the City must set out <br />minimum requirements to receive a subsidy as well as setting a wage floor. He then indicated <br />that the City needed to update its policy by May 2003 to comply with the required changes. <br /> <br />Economic Development Coordinator Backman recommended setting a joint public hearing on <br />Monday, April 28, 2003 for revising the business subsidy policy. <br /> <br />Economic Development Coordinator Backman reviewed the current policy with the authority and <br />the proposed changes to it. <br /> <br />Economic Development Coordinator Backman explained tax rebate financing and indicated that <br />the EDC is working on the tax abatement policy but that policy references the business subsidy <br />policy and that must be changed as well. <br /> <br />Economic Development Coordinator Backman reviewed the public purpose objectives that need <br />to be met. <br /> <br />Economic Development Coordinator Backman reviewed the priorities and general policies for <br />the City. <br /> <br />Economic Development Coordinator Backman reviewed the commercial retail requirements and <br />the industrial requirements and compared the differences. <br /> <br />Economic Development Coordinator Backman reviewed the wage floor for <br />commercial/residential and industrial. He then provided research on how the City compares to <br />other communities. <br /> <br />Economic Development Coordinator Backman reviewed the wage survey information with the <br />Authority. <br /> <br />Vice President Stigney indicated he would like to see the wage tied in more closely to what is in <br />the region rather than the federal wage. <br /> <br />Economic Development Coordinator Backman indicated that different percentages could be <br />reviewed but his recommendation would be an easy calculation that is the minimum requirement. <br /> He then noted that the minimum can be exceeded. <br /> <br />President Linke indicated the minimum wage covers everyone and minimum wage floor for this <br />is higher than the federal minimum wage.