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Item No. 22 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: REINVESTMENT ZONE <br />DATE: January 2, 2015 <br />BACKGROUND: At the December 8 council meeting, the council agreed that having a policy <br />to provide consistent guidelines for creation of reinvestment zones would be very important <br />moving forward. We want to maintain the flexibility to consider each economic development <br />project on its own merits, and potentially negotiate certain details, but it is important that we start <br />all such projects on an equal basis in order to be fair, equitable, and consistent in all of our <br />dealings. <br />STATUS OF ISSUE: The attached policy is consistent with existing state law and other <br />economic development policies adopted by the city council in 2014. It should provide the <br />predictability and consistency that are important to the public and to the development community <br />alike. <br />BUDGET: NA. <br />RECOMMENDATION: Approve attached policy. <br />