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c. The developer shall demonstrate that the project is not financially . feasible but-for the tax abatement financing provided. d. The project shall comply with all provisions set forth in Minnesota's Tax Abatement Law, statues 469.1812 to 469.1815, as amended. e. The project must be consistent with the City's Comprehensive Plan and Zoning Ordinances. VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS 1«� All developers/businesses receiving a tax abatement, or other assistance in excess of$100,0000 from the Mounds View EDA shall be subject to the provisions and requirements set forth by state statute 116J.993 and summarized below. rti‘r ,77 All developers/businesses receiving tax abatement assistance shall enter into a subsidy agreement with the Mounds View EDA that identifies: the reason for the subsidy, the public purpose served by the subsidy, and the goals for \91h` the subsidy, as well as other criteria set forth by statute 116J.993. C 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 business subsidy agreement have been meet, whichever is later. Reports \oA shall be completed using the format drafted by the State of Minnesota and shall be filed with the Mounds View EDA 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 the tax abatement and/or other assistance is used for a period of five years after the benefit is received. In addition to attaining or exceeding the jobs and wages goals set forth in the Subsidy Agreement, the borrower shall achieve at least one of the objectives set forth in Section III of this document. Developers / Businesses failing to comply with the above provisions will be subject to fines, repayment requirements, and be deemed ineligible by the State to receive any loans or grants from public entities for a period of five years. See the City's Business Subsidy Policy for additional information. • 6