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<br />Financial Assistance Policy Page 4 <br />c. The developer shall demonstrate that the project is not financially feasible but-for the use of financial assistance. <br />d. The project shall comply with all provisions set forth in the state’s Tax Increment Law, statutes 469.174 to 469.1794, as amended or the Tax Abatement Law, statutes 469.1812 to 469.1815, as amended. <br />e. The project must be consistent with the City’s Comprehensive Plan, Land Use Plan, and Zoning Ordinances. <br /> VI. SUBSIDY AGREEMENT & REPORTING REQUIREMENTS All developers/businesses receiving financial assistance in the form of Tax Increment or Tax Abatement from the City of Lino Lakes shall be subject to the provisions and requirements set forth by state statute 116J.993 and summarized below. All developers/businesses receiving financial assistance shall enter into an agreement with the City of Lino Lakes that identifies: the reason for the subsidy, the public purpose served by the subsidy, and the goals for the subsidy, as well as other criteria set forth by statute 116J.993 and in accordance with the City’s Business Subsidy Criteria, as amended. The developer/business shall file a report annually for two years after the date the benefit is received or until all goals set forth in the application and performance agreement have been met, whichever is later. Reports shall be completed using the format drafted by the State of Minnesota and shall be filed with the City of Lino Lakes no later than March 1 of each year for the previous calendar year. Businesses fulfilling job creation requirements must file a report to that effect with the city within 30 days of meeting the requirements. The developer/business owner shall maintain and operate its facility at the site where Tax Increment or Tax Abatement assistance is used for a period of five years after the benefit is received. VII. APPLICATION PROCESS FOR FINANCIAL ASSISTANCE A. City of Lino Lakes 1. Applicant submits the completed application and completes the Application Review Worksheet. 2. City staff reviews the application and completes the Application Review Worksheet. 3. Results of the Worksheet are submitted to the appropriate governing authorities for preliminary approval of the proposal. 4. If preliminary approval is granted, all necessary notices, resolutions and certificates are prepared by City staff and/or consultants.