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1B DRAFT Business Subsidy Policy
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1B DRAFT Business Subsidy Policy
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11/10/2008 Council Worksession
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11/10/2008 Council Worksession
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,jobs, increase the job base, and provide diversity in that job base, enhance existing jobs <br /> through increased wages, encourage additional unsubsidized private development in the <br /> area, either directly, or through secondary "spin off' development, offset increased costs <br /> of redevelopment over and above those costs that a developer would incur in normal <br /> urban and suburban development, and meet other uses of public policy, as adopted by the <br /> Council/EDA from time to time including the promotion of quality urban design, quality <br /> architectural design, energy conservation, decreasing the capital and operating costs of <br /> local government, etc. <br /> 2.2 Job retention may only be used as a public purpose in cases where job Ioss is specific and <br /> demonstrable. The City shall document the information used to determine the nature of <br /> the job loss. <br /> 2.3 The creation of tax base shall not be the sole public purpose of a subsidy. <br /> 2.4 Unless the creation of jobs is removed from a particular project pursuant to the <br /> requirements of the Statutes, the creation of jobs is a public purpose for granting a <br /> subsidy. Creation of at least I Full Time Equivalent (FTE)job is a minimum requirement <br /> for consideration of assistance. <br /> 2.5 The wage floor for wages to be paid for the jobs created shall be not less than 150% of <br /> the State minimum wage in effect at the time the subsidy is granted. The City will seek <br /> to create jobs with higher wages as appropriate for the overall public purpose of the <br /> subsidy. Wage goals may also be set. to enhance existing jobs through increased wages, <br /> which increase must result in wages higher than the minimum under this Section. <br /> 3. CITY'S OBJECTIVE FOR THE USE OF PUBLIC FINANCING <br /> 3.1 As a matter of adopted policy,:the City of Arden Hills may consider using Tax Increment <br /> Financing (TIF) and other forms of public financing, such as tax abatement, bonds, and <br /> other forms as-appropriate, to assist private development projects when such assistance <br /> complies with all applicable statutory requirements to: <br /> A. Remove blight and/or encourage redevelopment in designated <br /> redevelopment/development area(s) per the goals and visions established by the <br /> City Council <br /> B. To achieve the following housing-related goals: <br /> 1. To provide a balanced and sustainable housing stock to meet diverse needs <br /> both today and in the future <br /> 2. To ensure all housing is safe and well-maintained <br /> 3. To promote neighborhood stabilization and revitalization by the removal of <br /> blight and the upgrading of existing housing stock. <br /> C. To retain local jobs and/or increase the number and diversity of quality jobs <br /> Page 2 of 7 <br />
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