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6A, Motion to Approve Resolution 08-058
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6A, Motion to Approve Resolution 08-058
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6A, Motion to Approve Resolution 08-058
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6A, Motion to Approve Resolution 08-058
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12/8/2008
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<br /> <br />EHLERS <br /> <br />LEADERS IN PUBLIC FINANCE <br /> <br />0 To: Mayor and City Council , <br />:E From: Stacie K vilvang - Ehlers and Associates <br />W Date: December 8, 2008 <br />:E Subject: Business Subsidy Criteria <br /> <br />Overview <br /> <br />Over the past year, the City's Economic Development Commission (EDC) has been working <br />on creating Business Subsidy Criteria for the City. This Criteria is required to be in place <br />before the City can grant a subsidy to an applicant. Although the City has not received any <br />requests in recent years (other than TCAAP), the City should have criteria in place prior to a <br />request so an applicant can understand the City's policies and expectations if they are going to <br />grant a subsidy. The proposed policy was reviewed by the Finance Director and the Financial <br />Planning and Analysis Committee. <br /> <br />Issues to Consider <br /> <br />1. What is considered a business subsidy? <br />2. Why does the City need to have business subsidy criteria? <br />3. How does this Criteria relate to the TCAAP Public Finance Policy? <br />4. What other steps are necessary for approval of the Business Subsidy Criteria? <br /> <br />Analvsis of Issues <br /> <br />1. What is considered a business subsidy? <br /> <br />A business subsidy is any assistance provided to an applicant over $150,000 and can come <br />in the form of grants, tax increment, tax abatement, contribution of property, below market <br />rates on loans, etc. <br /> <br />There are twenty-two (22) exceptions to business subsidy requirements. The most <br />common exceptions utilized by cities are: <br /> <br />1. Business subsidy of less than $150,000 <br />2. Assistance for housing <br />3. Redevelopment of property polluted by contaminants; and <br /> <br />LEADERS IN PUBLIC FINANCE <br /> <br />3060 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br /> <br />Phone: 651-697-8506 Fax: 651-697-8555 <br />skvilva ng@ehlers-inc.com <br />
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