Item Coversheet

4.A.


Shakopee Economic Development Authority
November 4, 2020


FROM: Michael Kerski, Director, Planning & Development 
TO:President and Board Members
Subject:
The Board has discussed updating the policy and has asked for an updated wage.
Policy/Action Requested:
Review and discuss the updated policy
Recommendation:
Approve the updated policy.
Discussion:

The EDA has reviewed the hourly wages required to receive either an Economic Development TIF or Tax Abatement.  The wages have ranged from $14/hour to most recently, $20/hour.

 

After the last EDA workshop discussion, staff is recommending the wage be raised to $24/hour plus health benefits and exclude senior management positions.  This ensures that the new business or employees do not impact the current government benefits being provided to some residents of the community while providing a wage that would allow employees to be able to afford to live in the community.

Budget Impact:
ATTACHMENTS:
Description
Updated Policy