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M:\MasterFiles\1999 thru 2010\2000\EDA\EDA Packets\02-28-00\Item No. 05B--Business Subsidy--Aaron Parrish.doc <br />Item No. 5B <br />Staff Report No. <br />Meeting Date: 2-28-00 <br />Type of Business: EDA <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; CB: Council Business <br />City of Mounds View Staff Report <br /> <br />To: EDA President and Commissioners <br />From: Aaron Parrish, Economic Development Coordinator <br />Item Title/Subject: Business Subsidy Public Hearing <br />Date of Report: February 24, 2000 <br /> <br />Background: <br /> <br />Last year the Minnesota Legislature and Governor passed the “1999 Business Subsidies Law” <br />(Minnesota Statutes § 116J.993 through §116J.995). As a result, communities are required to <br />develop and adopt a business subsidy policy for all subsidies granted after August 1st, 1999. <br />After a policy is developed, business subsidies granted that exceed $25,000 require a local unit <br />of government to enter into a “Business Subsidy Agreement.” In short, the policy will guide the <br />development of “Business Subsidy Agreements.” <br /> <br />At this point, the EDC has considered and is recommending a policy. As a requirement of the <br />legislation, a public hearing needs to be held by both the EDA and the City Council. This item is <br />scheduled to be discussed at the March 6th, 2000 workshop. At that time, more detailed <br />information and a copy of the policy will be presented for discussion. <br /> <br />Recommendation: <br /> <br />Staff recommends setting a public hearing on Monday March 13th, 2000 at 7:10p.m. for <br />purposes of establishing a “Business Subsidy Policy.” <br /> <br />____________________________ <br />Aaron Parrish <br />Economic Development Coordinator <br /> <br />