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Economic Development Commission Minutes July 20, 2010 Page 2 of 3 ------------------------- - - - - -- While reviewing the proposed language under the financial incentive section, the EDC felt that the language made it unclear as to the responsibilities of the EDC versus the Planning Commission in regard to business subsidies. MARK JURCHEN MOVED TO STRONGLY RECOMMEND TO THE PLANNING COMMISSION THAT THE FOLLOWING AMENDMENTS BE MADE TO THE COMP PLAN: • LINES 15 -20: "FINANCIAL INCENTIVES" — "FINANCIAL INCENTIVES ARE AN IMPORTANT ECONOMIC DEVELOPMENT TOOL FOR THE CITY TO USE. THE CITY HAS THE ABILITY TO UTILIZE A NUMBER OF INCENTIVES WHICH ARE DESCRIBED IN THE CITY'S BUSINESS SUBSIDY POLICY" • REMOVE ITEMS 1 -5 • REMOVE THE SENTENCE FROM LINES 30 AND 31 CINDY RIECK SECONDED THE MOTION. MOTION CARRIED 3 -0. The EDC noted that there are many statutes regulating business subsidies and to list information in the comp plan may conflict with statute or with the City's Business Subsidy Plan. The EDC stated that it would like the chance to draft a business subsidy plan and then review it with the Planning Commission. 4. City Business Subsidy Plan Sheila Haverkamp explained that the law requires cities to have Business Subsidy Policies in place if it intends to offer incentives to businesses. Sheila Haverkamp reviewed the City's Business Subsidy Policy. Mayor Adams stated that she felt the City's plan is not user friendly and hard to understand. Sheila Haverkamp stated that most business subsidy policies cover the same content. She reviewed five business subsidy policies that were distributed by the Clerk. It was suggested that while revising the City's policy, an application form be drafted so that businesses will understand what is required. It was the consensus of the EDC to review the sample policies and be prepared to have a work session in August to begin redrafting the City's Business Subsidy policy. It was also noted that it would be important to keep the policy simple and straight forward and that it may be best to separate JobZ so that when the program is done it can be eliminated from the policy. �. 5. Next Meeting_ Date — August 17