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Business Subsidy Policy <br />By: Cindy Sherman, Community Development Director <br /> <br />CASE # <br /> <br />Background: <br /> <br />The 1999 Legislature passed into law new regulations relating to business subsidies which <br />include Tax Increment Financing. The regulations require that the city hold a public hearing and <br />adopt criteria for awarding business subsidies for any projects receiving assistance after August <br />1, 1999. <br /> <br />Mike Mulrooney, our development consultant has provided the attached correspondence and <br />draft policy for Council review and will be available during the Council meeting to answer <br />questions regarding the proposed policy. <br /> <br />Recommendation: To adopt the Business Subsidy Policy. <br /> <br />Council Action: Motion to adopt the Business Subsidy Policy. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Economic Development Consultant <br /> <br />CC: 9/28/99 <br /> <br />g:\users\cindy\ newbusinesslaw <br /> <br /> <br />