Inver Grove Heights EDA reviews draft business public subsidy policy, schedules hearings

The Inver Grove Heights Economic Development Authority on Monday, Sept. 8 reviewed a draft update to the city's business public subsidy policy and discussed eligibility criteria, reputation standards and next steps for public hearings, but did not vote to adopt the policy.

The policy revision, presented by Director Zemer, would replace a 1999 policy (Resolution 99-202) and establish a defined application process, minimum and desired qualifications for public financial assistance and a transparent review involving city staff and the EDA. Director Zemer described the draft as intended to be consistent with similar policies in other cities and to make the process clear for staff, developers and business owners.

Under the draft, public assistance could include business grants and loans, tax increment financing or tax abatement, fee waivers, and land contributions or infrastructure. The draft also lists examples of non-subsidy assistance such as local funding under $25,000, façade improvement grants, revolving loan programs and utility-installment agreements or forgivable loans tied to continued operation. Director Zemer said, “These are the most common types that cities typically see and that what I would envision that we might see here such as business grants and loans, tax increment…