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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. 46 <br /> 47 <br />Economic Development Coordinator Backman indicated that the 2000 amendments to the law 48 <br />indicate that the criteria cannot be adopted on a case by case basis and that the City must set out 49 <br />minimum requirements to receive a subsidy as well as setting a wage floor. He then indicated 50 <br />that the City needed to update its policy by May 2003 to comply with the required changes. 51 <br /> 52 <br />Economic Development Coordinator Backman recommended setting a joint public hearing on 53 <br />Monday, April 28, 2003 for revising the business subsidy policy. 54 <br /> 55 <br />Economic Development Coordinator Backman reviewed the current policy with the authority and 56 <br />the proposed changes to it. 57 <br /> 58 <br />Economic Development Coordinator Backman explained tax rebate financing and indicated that 59 <br />the EDC is working on the tax abatement policy but that policy references the business subsidy 60 <br />policy and that must be changed as well. 61 <br /> 62 <br />Economic Development Coordinator Backman reviewed the public purpose objectives that need 63 <br />to be met. 64 <br /> 65 <br />Economic Development Coordinator Backman reviewed the priorities and general policies for 66 <br />the City. 67 <br /> 68 <br />Economic Development Coordinator Backman reviewed the commercial retail requirements and 69 <br />the industrial requirements and compared the differences. 70 <br /> 71 <br />Economic Development Coordinator Backman reviewed the wage floor for 72 <br />commercial/residential and industrial. He then provided research on how the City compares to 73 <br />other communities. 74 <br /> 75 <br />Economic Development Coordinator Backman reviewed the wage survey information with the 76 <br />Authority. 77 <br /> 78 <br />Vice President Stigney indicated he would like to see the wage tied in more closely to what is in 79 <br />the region rather than the federal wage. 80 <br /> 81 <br />Economic Development Coordinator Backman indicated that different percentages could be 82 <br />reviewed but his recommendation would be an easy calculation that is the minimum requirement. 83 <br /> He then noted that the minimum can be exceeded. 84 <br /> 85 <br />President Linke indicated the minimum wage covers everyone and minimum wage floor for this 86 <br />is higher than the federal minimum wage. 87