HomeMy WebLinkAbout2017-03-14 PACKET 07.01.
TO:
Economic Development Authority
FROM:
Christine Costello, Economic Development Director
DATE:
March 7, 2017
RE:
Business Subsidy Policy
Background
As part of the City of Cottage Grove’s Strategic Plan (Plan) to position the City for growth; an
implementation step of the Plan includes the review of the City’s Business Subsidy Policy to
ensure that it reflects the current goals and objectives of the City of Cottage Grove and the Cottage
Grove Economic Development Authority (EDA) as well as conforming to Minnesota Statutes
related to business subsidy law. The City’s business subsidy policy was previously revised in
2003.
Discussion
The objective of this process is to have the City’s financial advisor, Ehlers led the EDA through
background information and important criteria considerations when developing a public
financing policy. The process will also assist in identifying consensus on such things as wage
floor, job goals, and any other specifications that may assist in targeting development/economic
priorities for Cottage Grove. The following three step approach will be used to review and
update Cottage Grove’s policy. The steps include:
TASK DATE
1.Introduction of the business subsidy policy March 14 th EDA Meeting
concept, what is required in statute and how
the City of Cottage Grove can use the business
subsidy policy to implement our goals.
“Homework” will be provided to all members
who must complete in advance of the next
meeting. The homework focuses on your
interests, what you would like to see
addressed, etc.
2.A compilation of the homework will identify April 11 th EDA Meeting
themes, directions, and options. There will be
discussion around this information.
3.A draft business subsidy policy will be present May 9 th EDA Meeting
that is based on what was included in the
homework and discussed at the previous
meeting. The policy will be reviewed,
discussed, and changes made if necessary.
Reviewing the City’s policy in this manner will allow the City and EDA to accomplish their
economic development objective of continuing to position the City for growth through a clearly
defined business subsidy policy.