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City of Lino Lakes, Minnesota <br />Construction of public improvements that <br />benefit the City of Lino Lakes, its residents and <br />businesses. <br />• Financial commitments should not exceed 16% <br />of the estimated market value of the Droiect <br />VI. SUBSIDY AGREEMENT & REPORTING REQUIREMENTS <br />All developers/businesses receiving Tax AbateMeRtinancial <br />assistance in the form of Tax Increment or Tax Abatement <br />ass'sce from the City of Lino Lakes shall be subject to the <br />provisions and requirements set forth by state statute 116J.993 <br />and summarized below. <br />All developers/businesses receiving Tax ^"a+;tfinancial <br />assistance shall enter into a subsidy agreement with the City of <br />Lino Lakes that identifies: the reason for the subsidy, the public <br />purpose served by the subsidy, and the goals for the subsidy, as <br />well as 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 Increment or Tax Abatement <br />assistance is used for a period of five years after the benefit is <br />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 III of this <br />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 />Financial Assistance Policy Page 4 <br />