Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />VI. <br /> <br />SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> <br />All developers/businesses receiving a tax abatement, 01' other assistancE~ in <br />excess of $100,0000 from the :Mounds View EDA shall be subject to the <br />provisions and requirements set forth by state statute 116J.m)3 as <br />summarized below. <br /> <br />All d(~vclopers/businesses receiving tax abatement assistance shall enter into <br />a subsidy agreement with the Mounds View EDA that identifies: the reason <br />for the subsidy, the public purpose served by the subsidy, and the goa.ls for <br />the subsidy, as well as other criteria set forth by statute 11GJ.993. <br /> <br />The developer/business shall file a report annually for two years after the <br />elate the benefit is received 01' until all goals set forth in the application and <br />business subsidy agreement have been meet, whichever is later. Reports <br />shall be completed using the format drafted by the State of :Minnesota and <br />shall be filed with the :Mounds 'hew EDA no later than :March 1 of each year <br />f(w the previous calendar year. Businesses fulfilling job creation <br />rcquirements must file a report to that effect with the city within 30 days of <br />meeting the requirements. <br /> <br />The developer/business owner shall maintain and operate its facility at the <br />site where the tax abatement and/or other assistance is used for a period of <br />five yeaTS after the benefit is received. <br /> <br />In addition to attaining 01' exceeding the jobs and wages goals set forth in the <br />Subsidy Agreement, the bOlTower shall achievc at least one of the objectives <br />set forth in Section III of this document. <br /> <br />Developers / Businesses failing to comply with the above provisions will be <br />subject to finos, repayment requirements, and be deemed ineligible by the <br />State to receive any loans 01' grants from public entities for a period of five <br />yoars. See the City's Business Subsidy Policy for additional information. <br /> <br />VII. APPLICATION PROCESS FOR TAX ABATEMENT FINANCING <br /> <br />A. PRIVATE (RE) DEVELOPMENT PROJECTS <br /> <br />1. Applicant submits the completed application along with all application <br />fees. <br /> <br />2. City staff roviews the application and completes the Application Review <br />\Vorksheet. <br /> <br />3. Results of the \V orksheet are submitted to the appropriate governing <br />a uthorities for preliminary approval of the proposal. <br /> <br />4. If preliminary approval is granted, all necessary notices, resolutions and <br />6 <br />