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Date: Item No.
APPROVAL OF AN AMENDMENT TO THE CITY’S BUSINESS SUBSIDY POLICY
Proposed Action
Staff recommends approval of the following: Approval of an amendment to the City’s Business Subsidy
Policy.
Overview
The Economic Development Commission (EDC) reviewed and discussed the City’s current Business
Subsidy Policy at several meetings during the past few months. It was the consensus of the EDC to
recommend several changes to the current Policy.
The recommended changes are identified on the attached Business Subsidy Policy. The changes address
the language regarding the wage and benefit levels for the job creation goals for economic development
projects and eliminates the reference to the development of affordable senior or workforce housing as a
category of project to be considered for City business subsidies.
The EDC unanimously recommended approval of these Business Subsidy Policy Amendments at their
October 24, 2017 meeting.
Primary Issues to Consider
• Are the proposed changes recommended in the City’s Business Subsidy Policy consistent with other
adopted goals and policies for the City? The EDC determined that they were in fact consistent.
Supporting Information
• Business Subsidy Policy with Proposed Revisions
Financial Impact: $0 Budgeted: Y☐ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Diversified Economic Development
Report Completed by: David L. Olson, Community and Economic Development Director
December 4, 2017