10-10-2007 Council Agenda - Laserfiche WebLink

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Act. Any repayment may be prorated by the City to reflect partial fulfillment of goals. The City may, after a public hearing, extend the period for meeting job and wage goals for up to one year and may pursuant to the procedure in the Acts, extend the period for meeting other goals for any period specified by the City. For JOBZ Business Subsidies, state tax exemptions must be paid back to the State of Minnesota and property tax exemptions paid back to the Subzone county, all pursuant to the JOBZ Act. The Commissioner of DEED may waive, without a hearing, the necessity of such state and county repayment if in consultation with City officials the Commissioner determines that requiring repayment is not in the best interest of the state or City and the business ceased operating as a result of circumstances described in the JOBZ Act. 6.04 Following are the procedures that will be used by the City: A. Meet with appropriate City staff to discuss the scope of the project, public participation being requested, and other information as may be necessary. B. Completion of Pre - Application Business Assistance Financing form, This form shall be submitted to the City Council. C. The City Council shall review the request on a preliminary basis as to the feasibility of the project. D. The application shall be placed on the City Council agenda for concept review. The applicant may make a formal presentation of the project. The City staff and /or their consultants shall present their findings. E. If the City Council's preliminary concept review is positive, the applicant may elect to file a formal application accompanied by an administrative fee as well as annual fees for monitoring and reporting as required by statute. The amount of these fees will be determined based upon the complexity of the project and corresponding requirements for administrative services. F. Following the necessary financial analysis and preparation of detailed plans, the City Council shall take action on the project. If approved, the staff will be directed to undertake the following steps: Prepare a Business Subsidy Agreement based upon the terms approved Prepare a development plan and tax increment financing plan if required G. The City may require the business to provide additional security, such as a letter of credit, a security bond, or a guaranty from an affiliate or third party. 93-