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B. Maintain Facility <br /> The recipient agrees to maintain and operate its facility at the site where the subsidy <br /> is used for a period of five years after the date the subsidy is provided. <br /> C. Failure to Comply <br /> Businesses failing to comply with the subsidy agreement will be subject to the terms <br /> of the individual agreement, repayment requirements at the rate established within <br /> the Minnesota Business Subsidy Law, and be deemed ineligible by the State to <br /> receive any loans or grants from public entities for a period of five years. <br /> VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> A. Application for business subsidies shall be made using the Public Assistance <br /> Application provided by the City of Mounds View Economic Development <br /> Coordinator, or designee. <br /> B. The Public Assistance Application shall request information required within the <br /> City's policies including but not limited to; a detailed description of the project; a <br /> preliminary site plan;the amount of business subsidy requested;the public purpose <br /> of the project; the number and types of jobs to be created; the wages and benefits <br /> to be paid new employees; a detailed project budget with verifiable funding sources <br /> and uses; and a detailed operating pro forma, if applicable. <br /> C. The applicant agrees and acknowledges to pay a non-refundable $3,000 Public <br /> Assistance Application Fee. <br /> D. At the time of acceptance by staff of the Public Financing Application, the applicant <br /> shall deposit$10,000 with the City to cover attorney and consultant costs incurred <br /> as part of establishing a TIF district or abatement, drafting and negotiating a <br /> development agreement, and conducting any fiscal analysis that may be required to <br /> meet the requirements of utilizing any public financing. If additional expenses are <br /> incurred beyond the $10,000, prior to the execution of a development agreement, <br /> the City shall notify the applicant in writing and the applicant will be required to <br /> deposit additional funds upon notice. <br /> E. Following a review by appropriate City Staff/Consultants the application shall be <br /> referred to the Economic Development Authority for further action. <br /> F. Before granting a business subsidy that exceeds $150,000, the City shall provide <br /> public notice and hold a hearing on the subsidy unless a hearing and notice on the <br /> subsidy is otherwise required by law. <br /> City of Mounds View Business Subsidy Policy <br /> Amended(Expected)January2016 <br /> Page 8 of 8 <br />