Agenda Packets - 2016/01/04 - Laserfiche WebLink

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City of Mounds View Business Subsidy Policy Amended (Expected) January 2016 Page 8 of 8 B. Maintain Facility The recipient agrees to maintain and operate its facility at the site where the subsidy is used for a period of five years after the date the subsidy is provided. C. Failure to Comply Businesses failing to comply with the subsidy agreement will be subject to the terms of the individual agreement, repayment requirements at the rate established within the Minnesota Business Subsidy Law, and be deemed ineligible by the State to receive any loans or grants from public entities for a period of five years. VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE A. Application for business subsidies shall be made using the Public Assistance Application provided by the City of Mounds View Economic Development Coordinator, or designee. B. The Public Assistance Application shall request information required within the City’s policies including but not limited to; a detailed description of the project; a prelimi nary 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 Assistance Application Fee. D. At the time of acceptance by staff of the Public Financing Application, the applicant shall deposit $10,000 with the City to cover attorney and consultant costs incurred as part of establishing a TIF district or abatement, drafting and negotiating a development agreement, and conducting any fiscal analysis that may be required to meet the requirements of utilizing any public financing. If additional expenses are incurred beyond the $10,000, prior to the execution of a de velopment agreement, the City shall notify the applicant in writing and the applicant will be required to deposit additional funds upon notice. E. Following a revi ew by appropriate City Staff/Consultants the application shall be referred to the Economic Development Authority for further action. F. Before granting a business subsidy that exceeds $150,000, the City shall provide public notice and hold a hearing on the s ubsidy unless a hearing and notice on the subsidy is otherwise required by law.