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Economic Development Commission Minutes September 21, 2010 Page 2 of 3 ------------------------- - - - - -- 6. Suggestion to include SAC and WAC as an incentive Components of Business Subsidy Plan 1. JOB Z — Information pertaining to JOBZ to be an addendum to the plan so that when JOBZ sunsets in December of 2015 it can be easily eliminated. 2. Format our policy using the beginning of Anoka's policy. 3. Include in the policy that the City wants to maximize use of existing infrastructure but not to the point of limiting all development. 4. City objectives are important ... Have high priority attachments that offer enhanced incentives. 5. Have a specific reference to BLADC. 6. Address the competitive issue in the policy. One approach is to require a special review by the EDC based on benefits if dealing with a competing business. The reason for this is so that we don't totally eliminate a company requesting subsidy, but would still have the opportunity to see what the project is. Another suggestion would be to have specific requirements that must be met for competing businesses. 7. Set priorities when determining public purpose. 8. Set a minimum of 1 FTE job at 1.75% of federal minimum wage. 9. Waive SAC /WAC fees for buildings on existing infrastructure. 4. Next Meeting Date — October 19, 2010 The next meeting will be the continuation of the Business Subsidy Policy. Sheila Haverkamp will have a draft of the policy for the EDC to review. Following EDC review it will go to the Planning Commission and then the City Council. The review at the Council level requires a public hearing. It was suggested that the policy be reviewed by someone to ensure that all statutory requirements are met. Paul Steinman of Springsted offered to review our plan. He also offered to provide a workshop on tax increment financing and tax abatement. The EDC thanked Paul for his input and assistance.