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Mounds View EDA April 14, 2003 Regular Meeting Page 3 Vice President Stigney indicated he felt that the City should be competitive with the surrounding area otherwise the City is establishing a low minimum and he thinks the goal should be to raise the bar a little bit to make it more competitive. Economic Development Coordinator Backman indicated that Big Lake put the wage floor at 160% of the federal minimum wage and they are in the same region as the City. President Linke asked where the 125% and 140% came from. Economic Development Coordinator Backman indicated that the figures were discussed at the EDC meeting and the consensus was 125% and 140% to provide maximum flexibility but the expectations are higher than that. MOTION/SECOND: Marty/Gunn. To Approve Resolution 03-EDA-173, a Resolution Setting a Public Hearing to Revise the City’s Business Subsidy Policy. Ayes – 5 Nays – 0 Motion carried. 7. REPORTS Economic Development Coordinator Backman updated the Authority on potential residential development off of the SW corner of County Road H2 including the City’s property. Commissioner Quick asked how this would fit into the City’s need for higher density housing in the area. Economic Development Coordinator Backman indicated that residents in the area were surveyed two years ago and did not want higher density housing. He then indicated that there is over 10 acres of land proposed for redevelopment and that would equate to 12 to 14 higher end homes. Interim City Administrator Ericson asked for clarification of the Resolution just adopted as it seemed that it was for more than just setting the public hearing. The Authority reviewed the Resolution and determined that the Resolution did not set a public hearing as was originally thought. MOTION/SECOND: Marty/Gunn. To Rescind Resolution 03-EDA-173. Ayes – 5 Nays – 0 Motion carried. MOTION/SECOND: Marty/Gunn. To Set a Public Hearing at a Joint Meeting of EDA and