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Parcels in Mounds View's Tax Increment Finance districts will be decertified as <br />required by and in accordance with applicable Minnesota State Statutes, the <br />Development District Plan, and the TIF Plans as amended. In the event that the <br />Economic Development Authority desires to return pooled increment to the respective <br />taxing jurisdictions, the following guidelines will be observed: (1) reserves should be <br />greater than or equal to next years projected increment; and (2) prior to disbursing <br />pooled funds to the respective taxing jurisdictions, the Economic Development <br />Authority will consider future projects and community needs. (3) in the event that <br />parcels are going to be decertified, the Economic Development Commission <br />will evaluate the potential action and make a recommendation to the <br />Economic Development Authority. <br />VIII. APPLICATION PROCESS: <br />The following delineates the Mounds View Economic Development Authority's <br />application process for Tax Increment Financing assistance: <br />1. Applicant submits the completed application (Attachment `A') and Deposit <br />Agreement (Attachment "B') along with all application fees. <br />2. City staff reviews the application and completes the Application Review <br />Worksheet (Attachment "C'). <br />3. Results of the Worksheet are submitted to the appropriate governing authorities <br />for preliminary approval of the proposal. <br />4. If preliminary approval is granted, a development agreement, business subsidy <br />agreement, and amendments to the Tax Increment Financing Plan, along with <br />all necessary notices, resolutions and certificates are prepared by City staff <br />and/or consultants. <br />5. If applicable, notices are published and sent to the county and school board. <br />6. If necessary, public hearing(s) on the proposed project are held. <br />7. The Economic Development Authority considers final approval of the proposal. <br />0 <br />