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E. The project shall serve at least two of the following public purposes: • Creation of jobs with livable wages and benefits. • Significantly increase the City's tax base. • Enhancement or diversification of the city's economic base. • Industrial development that will spur additional private investment in the area. • Fulfillment of defined City objectives such as those identified in the City's Comprehensive Plan, among others. • Removal of blight or the rehabilitation of a high profile or priority site. • Enhancement or diversification of the City's housing stock. • Development that will spur additional private investment in the area. F. The developer will pay all applicable application fees and pay for the City and EDA's fiscal costs, including creation of the TIF Plan, if applicable, and legal advisor time as stated in the City's policies. V. SUBSIDY AGREEMENT & REPORTING REQUIREMENTS All developers/businesses receiving public assistance from the City shall be subject to the provisions and requirements set forth by the City's Business Subsidy Policy and Minnesota Statutes Sections 116J.993 to 116J.995. A. In granting a business subsidy, the City shall enter into a subsidy agreement with the recipient that provides the following information: wage and job goals (if applicable), commitments to provide necessary reporting data, and recourse for failure to meet goals required by the Statutes. B. The subsidy agreement may be incorporated into a broader development agreement for a project. C. The subsidy agreement will commit the recipient to providing the reporting information required by the Statutes. VI. APPLICATION PROCESS FOR PUBLIC FINANCING A. Application for all public financing requests shall be made using the Public Financing Application provided by the City of Mounds View Business Development Coordinator, or designee. B. The Public Financing Application shall request information required within the City's policies, including but not limited to; a detailed description of the project; a preliminary site plan; the amount of business subsidy requested; the public purpose of the project; the number and types of jobs to be created; the wages and benefits to be paid new employees; a detailed project budget with verifiable funding sources and uses; and a detailed operating pro forma, if applicable. C. The applicant agrees and acknowledges to pay a non-refundable $3,000 Public Financing Application Fee. City of Mounds View Public Financing Policy&Application Adopted February,2016(Expected) Page 6 of 21