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REQUEST FOR ECONOMIC DEVELOPMENTAUTHORITY ACTION <br />Date:October 17, 2016 <br />Item No.: 8a <br />Department ApprovalExecutive Director Approval <br />Item Description:Review and Consider Adopting a City of Roseville and Economic Development <br />Authority Public Financing and Business Subsidy Policy <br />1 <br />B <br />ACKGROUND <br />2 <br />On September 26 the City Council voted unanimously to approve a Public Financing and Business <br />3 <br />Subsidy Policy with several minor amendments. The Economic Development Authority (EDA) <br />4 <br />Attorney Martha Ingram has provided us with the statutory process for approving business subsidy <br />5 <br />policies for both the City of Roseville and Economic Development Authority bodies. Attorney Ingram <br />6 <br />indicated that a public hearing must be held with bothentities prior to adoption. <br />7 <br />8 <br />The City of Roseville has noticed public hearings for both the EDA and City of Roseville. Both bodies <br />9 <br />will consider public comment concerning the policy, and consider adoption of the policy with the <br />10 <br />amendments discussed on September 26. A copy of the draft policy with amendments is included as <br />11 <br />Attachment A. <br />12 <br />13 <br />Background Previously Supplied <br />14 <br />August 29 the City Council, meeting as the EconomicDevelopment Authority (EDA), received a <br />15 <br />presentation on public financing policy criteria from public finance/economic development consultants <br />16 <br />Stacie Kvilvang and Jason Aarsvold of Ehlers, Inc. The meeting allowed the consultants to drill down <br />17 <br />on the remaining portion of the policy that articulated local criteria. The objective of the discussion was <br />18 <br />to identify consensus on wage floor, job goals, and any other specificities that may impact project <br />19 <br />consideration. <br />20 <br />21 <br />Community Development Staff is currently working with Ehlers, Inc. to put together a public assistance <br />22 <br />application that targets the criteria identified in the policy. <br />23 <br />24 <br />PO <br />OLICY BJECTIVE <br />25 <br />TheEconomic Development Authority identified Policy Development as a priority for 2016. <br />26 <br />27 <br />BI <br />UDGET MPLICATIONS <br />28 <br />. <br />No budget implications at this time <br />29 <br />30 <br />SR <br />TAFF ECOMMENDATION <br />31 <br />Staff recommends that the Economic Development Authority receive public input and consider <br />32 <br />Page 1of 2 <br /> <br />