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<br />City of Mounds View Public Financing Policy & Application <br />Amended February, 2016 (Expected) <br />Page 7 of 21 <br /> <br />VI. APPLICATION PROCESS FOR PUBLIC FINANCING <br /> <br />A. Application for all public financing requests shall be made using the Public <br />Financing Application provided by the City of Mounds View Economic Development <br />Coordinator, or designee. <br /> <br />B. The Public Financing Application shall request information required within the City’s <br />policies, including but not limited to; a detailed description of the project; a <br />preliminary site plan; the amount of business subsidy requested; the public purpose <br />of the project; the number and types of jobs to be created; th e wages and benefits <br />to be paid new employees; a detailed project budget with verifiable funding sources <br />and uses; and a detailed operating pro forma, if applicable. <br /> <br />C. The applicant agrees and acknowledges to pay a non -refundable $3,000 Public <br />Financing Application Fee. <br /> <br />D. City staff and/or consultants review the application and complete the Commercial- <br />Industrial and/or Housing Worksheets. The Application and Worksheets are <br />primarily designed to score the desirability of the proposed project. Each project will <br />be evaluated on a case-by-case basis to determine the extent to which they meet <br />the city’s desired objectives. <br /> <br />E. At the time of acceptance by staff of the Public Financing Application, the applicant <br />shall deposit $10,000 with the City to cover attorney and consultant costs incurred <br />as part of establishing a TIF district or abatement, the TIF plan, drafting and <br />negotiating a development agreement, and conducting any fiscal analysis that may <br />be required to meet the requirements of utilizing any public fina ncing. If additional <br />expenses are incurred beyond the $10,000, prior to the execution of a development <br />agreement, the City shall notify the applicant in writing and the applicant will be <br />required to deposit additional funds upon notice. Any unused portion of the $10,000 <br />deposit may be prorated and returned to the applicant at the city’s discretion. <br /> <br />F. Following a review by appropriate City staff/consultants the application shall be <br />referred to the Economic Development Authority for further action. <br /> <br />G. Before granting a business subsidy that exceeds $150,000, the City shall provide <br />public notice and hold a hearing on the subsidy. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />