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<br />City of Mounds View Public Financing Policy & Application <br />Adopted February, 2016 (Expected) <br />Page 6 of 21 <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 d evelopment <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. <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 Business 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; the 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.