03-10-2008 - Laserfiche WebLink

Home Browse Search

Item No. 7B Meeting Date: March 10, 2008 Type of Business: EDA Administrator Review: _____ City of Mounds View Staff Report To: Mounds View Economic Development Authority From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: Consider Resolution 08-EDA-244 Approving Mounds View Business Toolbox Background: The Mounds View Business Toolbox was originally intended to serve as a summary document listing the financial and technical resources available to existing and prospective Mounds View businesses. The EDA reviewed and discussed the document from February through April 2007 and again on February 25, 2008. Throughout the review process, the Toolbox prompted EDA discussion regarding the City’s business financing policies in general. Therefore staff has attached the latest versions (along with supporting material) of the City’s three business financing policies as listed below: • Business Subsidy Policy (May 2003) o This is an overarching document that corresponds with most business subsidies awarded by the City or EDA. o May 12, 2003 EDA/Council Minutes o EDA Resolution 03-EDA-173 • Tax Rebate Financing Policy (September 2003) o September 22, 2003 EDA Minutes • Tax Increment Financing Policy (January 2007) o The EDA last reviewed the Tax Increment Financing Policy on January 22, 2007 but did not take formal action on the Policy. Discussion: Staff is not asking the EDA to review its three business financing policies as they relate to the Toolbox since the Toolbox is simply a summary document, which is not meant to provide the level of detail provided by the policy documents. However, if the EDA wishes to revisit the policy documents to consider potential amendments or revisions, staff would be happy to add the discussion to the next EDA agenda.