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c. The developer shall demonstrate that the project is not financially <br />feasible but -for the tax abatement financing provided. <br />d. The project shall comply with all provisions set forth in Minnesota's <br />Tax Abatement Law, statues 469.1812 to 469.1815, as amended. <br />e. The project must be consistent with the City's Comprehensive Plan <br />and Zoning Ordinances. <br />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 and <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 developertbusiness 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 <br />the Subsidy Agreement, the borrower shall achieve at least one of the <br />objectives 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 />6 <br />