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4 <br />Chairperson Riley requested moving forward that the EDA be informed about the status of Town <br />Center discussions due to the Board's increased involvement with the project. <br />Member Strommen left the meeting at 8:39 a.m. <br />Case #2: Adoption of Business Subsidy Policy <br />Economic Development Coordinator Sullivan stated the City of Ramsey adopted its Business <br />Subsidy Policy in 1999. Over the years the rules and regulations pertaining to Tax Increment, <br />Tax Abatement and Business Subsidy Law have changed. The Business Subsidy Policy has been <br />updated to clarify public purpose and create an objective scoring system/application to rate <br />proposed projects. Economic Development Coordinator Sullivan requested the Board review the <br />draft Policy, provide recommendations for any proposed changes, and recommend adoption of <br />the Policy by the City Council. <br />Economic Development Coordinator Sullivan provided an overview of the draft Business <br />Subsidy Policy and answered questions of the EDA Board. There was discussion on the <br />following in relation to the draft Policy: <br />• The Policy is a support mechanism for the EDA in rating proposed projects. <br />• Wage Policy: 1) the criteria sets the minimum requirement; 2) new jobs must be created <br />within two years of when the assistance is received. <br />• Wage Policy: Staff to determine if this policy should be amended to state "9 County <br />Metro ", rather than "7 County Metro ". <br />• Clarification on Policy Position No. 3: Property could be purchased at a price higher than <br />fair market value, but subsidy cannot be higher than fair market value. <br />Motion by Member Elvig, seconded by Member LeTourneau, to adopt the Business Subsidy <br />Policy. <br />Motion carried. Voting Yes: Chairperson Riley, Members Elvig, LeTourneau, Kiefer, Skaff, <br />and Steffen. Voting No: None. Absent: Member Strommen. <br />Case #3: Meet the Candidates Forum Discussion <br />Economic Development Coordinator Sullivan reviewed that on October 30, 2008 a "Meet and <br />Greet the Candidates" forum was held at the Fountains of Ramsey. The event was organized by <br />members of the EDA and was fully funded from the private sector. The event was attended by <br />117 people. Positive feedback was provided from those that were in attendance: He requested <br />discussion from the Board on the Forum and whether the EDA would like to continue with this <br />type of forum in the future. <br />Member LeTourneau stated his support for considering a similar forum in the future based on the <br />turnout and the positive comments. <br />Economic Development Authority/November 13, 2008 <br />Page 4 of 6 <br />