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Apri122,2014 Page 7 of 12 5 Ayes, 0 Nays-Motion Carned Motion by Councibnember Burg, seconded by Councibnember Bauman to direct staff to review the timeline for dredging Innsbruck Pond with reJation to the planned trail improvements. 5 Ayes, 0 Nays-Motion Carned Mayor Jacobsen recessed the City COllllCil meeting at 8:08 p.m. Mayor Jacobsen reconvened the City Council meeting at 8: 15 p.m. 2. Consideration of a Business Subsidy Policy for the City of New Brighton. Report No. 14-092. City Manager Lotter explained that Community Development Director Fernelius would be presenting this item to the Council. Community Development Director Fernelius stated the City has been working with Ryan Companies and Cardiovascular Systems, Inc. (CSI) for a couple of months on an office project in New Brighton Exchange. During this time, CSI has been in discussions with the State of Minnesota on possible incentives that could be available to help make the project more financially feasible for the company. As part of these talks, the Department of Employment and Economic Development (DEED) is offering up to $2.5 million of incentives to the company. The funds would be made available from two programs. The first being $500,000 from the Minnesota Investment Fund (MIF) and the second would provide $2.0 million from the Job Creation Fund (JCF). Staff explained the City needed to adopt a business subsidy policy that directly relates to CSI's pursuit of State funding -in particular the MIF funds, which will be provided in the form of a loan to the City and then be directed to CSI. To date the City has not had a business subsidy policy in place, because all of the work done in New Brighton Exchange has fallen under the exceptions language of state statute related to the redevelopment of contaminated sites. Nonetheless, it was not a bad idea for the City to have a policy in place, particularly if other prospective parties come forward seeking similar types of financial assistance. Staff reviewed the elements within the proposed policy in further detail and recommended the Council hold a public hearing and adopt the proposed policy. Councilmember Jacobsen understood the policy was minimalist. He asked if the threshold for the number of jobs and projected wages could be adjusted. Community Development Director Fernelius reported the Council had the discretion to adjust the jobs and wage goals. Councilmember Bauman believed the simplistic language within the agreement was sufficient. She reported the City could then negotiate further with each company on jobs and wages in a separate agreement. Motion by Councilmember Burg, seconded by Councilmember Jacobsen to open the Public Hearing. 5 Ayes, 0 Nays -Motion Carned The Public Hearing was opened at 8 :26 p.m. Mayor Jacobsen asked for additional comments, there were none. 2. Consideration of a Business Subsidy Policy for the City of New Brighton. R eport No. 14-092 .