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<br />City of Mounds View Public Financing Policy & Application <br />Amended February, 2016 (Expected) <br />Page 6 of 21 <br /> <br />IV. PROJECT QUALIFICATIONS <br /> <br />All public financing requests considered by the City of Mounds View must meet each of <br />the following requirements: <br /> <br />A. The project shall meet at least one of the objectives set forth in Section II and <br />satisfy all the provisions set forth in Section III of this document. <br /> <br />B. The developer shall demonstrate that the project is not financially feasible but-for <br />the use of public financing. <br /> <br />C. The project shall comply with all applicable laws. <br /> <br />D. The project must be consistent with the City’s Comprehensive Plan, Land Use <br />Plan, and Zoning Ordinances. <br /> <br />E. The project shall serve at least two of the following public purposes: <br /> <br /> Creation of jobs with livable wages and benefits. <br /> Significantly increase the City’s tax base. <br /> Enhancement or diversification of the city’s economic base. <br /> Industrial development that will spur additional private investment in the <br />area. <br /> Fulfillment of defined City objectives such as those identified in the City’s <br />Comprehensive Plan, among others. <br /> Removal of blight or the rehabilitation of a high profile or priority site. <br /> Enhancement or diversification of the City’s housing stock. <br /> Development that will spur additional private investment in the area. <br /> <br />F. The developer will pay all applicable application f ees and pay for the City and <br />EDA’s fiscal costs, including creation of the TIF Plan, if applicable, and legal <br />advisor time as stated in the City’s policies. <br /> <br />V. SUBSIDY AGREEMENT & REPORTING REQUIREMENTS <br /> <br />All developers/businesses receiving public assistance from the City shall be subject to the <br />provisions and requirements set forth by the City’s Business Subsidy Policy and Minnesota <br />Statutes Sections 116J.993 to 116J.995. <br /> <br />A. In granting a business subsidy, the City shall enter into a subsidy agreement with <br />the recipient that provides the following information: wage and job goals (if <br />applicable), commitments to provide necessary reporting data, and recourse for <br />failure to meet goals required by the Statutes. <br /> <br />B. The subsidy agreement may be incorporated into a broader development <br />agreement for a project. <br /> <br />C. The subsidy agreement will commit the recipient to providing the reporting <br />information required by the Statutes.