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VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> All developers/businesses receiving a tax abatement, or 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.993 as <br /> summarized below. <br /> All developers/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 goals for <br /> the subsidy, as well as other criteria set forth by statute 116J.993. <br /> The developer/business shall file a report annually for two years after the <br /> date the benefit is received or 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 View EDA no later than March 1 of each year <br /> for the previous calendar year. Businesses fulfilling job creation <br /> requirements 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 facility at the <br /> site where the tax abatement and/or other assistance is used for a period of <br /> . five years after the benefit is received. <br /> In addition to attaining or exceeding the jobs and wages goals set forth in the <br /> Subsidy Agreement, the borrower shall achieve at least one of the objectives <br /> set forth in Section III of this document. <br /> Developers / Businesses failing to comply with the above provisions will be <br /> subject to fines, repayment requirements, and be deemed ineligible by the <br /> State to receive any loans or grants from public entities for a period of five <br /> years. See the City's Business Subsidy Policy for additional information. <br /> VII. APPLICATION PROCESS FOR TAX ABATEMENT FINANCING <br /> A. PRIVATE (RE) DEVELOPMENT PROJECTS <br /> 1. Applicant submits the completed application along with all application <br /> fees. <br /> 2. City staff reviews the application and completes the Application Review <br /> Worksheet. <br /> • 3. Results of the Worksheet are submitted to the appropriate governing <br /> authorities for preliminary approval of the proposal. <br /> 4. If preliminary approval is granted, all necessary notices, resolutions and <br />