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City of Lino Lakes, Minnesota <br />All developers/businesses receiving Tax Abatement assistance <br />shall enter into a subsidy agreement with the City of Lino Lakes <br />that identifies: the reason for the subsidy, the public purpose <br />served by the subsidy, and the goals for the subsidy, as well as <br />other criteria set forth by statute 116J.993. <br />The developer/business shall file a report annually for two years <br />after the date the benefit is received or until all goals set forth in <br />the application and performance agreement have been met, <br />whichever is later. Reports shall be completed using the format <br />drafted by the State of Minnesota and shall be filed with the City of <br />Lino Lakes no later than March 1 of each year for the previous <br />calendar year. Businesses fulfilling job creation requirements <br />must file a report to that effect with the city within 30 days of <br />meeting the requirements. <br />The developer/business owner shall maintain and operate its <br />facility at the site where Tax Abatement assistance is used for a <br />period of five years after the benefit is received. <br />In addition to attaining or exceeding the jobs and wages goals set <br />forth in the Subsidy Agreement, the borrower shall achieve at <br />least one of the objectives set forth in Section IV of this document. <br />Developers/Businesses failing to comply with the above provisions <br />will be subject to fines, repayment requirements, and be deemed <br />ineligible by the State to receive any loans or grants from public <br />entities for a period of five years. <br />VII. APPLICATION PROCESS FOR TAX ABATEMENT <br />A. City of Lino Lakes <br />Applicant submits the completed application and <br />completes the Application Review Worksheet. <br />2. City staff reviews the application and completes the <br />Application Review Worksheet. <br />3. Results of the Worksheet are submitted to the <br />appropriate governing authorities for preliminary <br />approval of the proposal. <br />4. If preliminary approval is granted, all necessary <br />notices, resolutions and certificates are prepared by <br />City staff and/or consultants. <br />5. Public hearing(s) on the proposed project are held. <br />6. The EDA or HRA recommends approval or denial <br />of the proposal to the City Council. <br />�i SPRINGSTED Page 4 <br />