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Case # <br />PUBLIC HEARING: ADOPTION OF BUSINESS SUBSIDY POLICY AND CRITERIA <br />By: Sean Sullivan, Economic Development Coordinator <br />Background: <br />On September 28, 1999 the City of Ramsey adopted its business subsidy policy. The original <br />policy gave the City Council significant flexibility in determining how much assistance could be <br />granted for each project but did not identify specific job and wage goals. Over the years the <br />rules and regulation pertaining to Tax Increment, Tax Abatement and Business Subsidy Law <br />have changed. Attached is a policy reviewed and adopted by the EDA on November 13, 2008. <br />This policy updates our old policy, implements changes in Business Subsidy Statutes, clarifies <br />public purpose and creates an objective scoring system/application to rate proposed projects. <br />The new scoring system will allow Staff to compare projects objectively before making <br />recommendations. Staff will be present to address questions on the proposed policy that the City <br />Council may have. <br />Funding Source: <br />N/A <br />Recommendation: <br />Adopt Resolution 09 - 01_ Adopting a Policy and Criteria for Granting Business. Subsidies <br />EDA Action: <br />Motion to adopt Resolution 09-01 Adopting a Policy and Criteria for Granting Business <br />Subsidies. <br />Review Checklist: <br />Community Developme <br />City Administrator <br />CC: 01.13.09 <br />Attachments: <br />09/28/99 Business Subsidy Policy <br />Resolution 09 -01 <br />Proposed Business Subsidy Policy <br />-167— <br />