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<br />B. Maintain Facility <br />The recipient agrees to maintain and operate its facility at the site where the <br />subsidy is used for a period of five years after the date the subsidy is provided. <br /> <br />C. Failure to Comply <br />Businesses failing to comply with the subsidy agreement will be subject to fines, <br />repayment requirements, and be deemed ineligible by the State to receive any <br />loans or grants from public entities for a period of five years. <br /> <br /> <br />VIII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> <br />A. Application for business subsidies shall be made on forms for the particular form of <br />assistance provided by the City of Mounds View Economic Development <br />Coordinator, or designee. A deposit fee of $ 5,000.00 shall accompany any Tax <br />Increment Finance request application to cover the City’s initial legal, administrative, <br />and planning costs. A fee of $1,000.00 shall accompany any Tax Rebate (or <br />Abatement) Financing to cover the City’s legal, administrative, and planning costs. <br /> <br />Following a review by appropriate City Staff the application shall be referred to the <br />Economic Development Authority for recommendation to the City Council for further <br />action. <br /> <br />B. The application for business subsidies shall request information required within the <br />City’s policies on the particular form of subsidy including but not limited to; a <br />detailed description of the project; a preliminary site plan; the amount of business <br />subsidy requested; the public purpose of the project; the number and types of jobs <br />to be created; the wages and benefits to be paid new employees; and verifiable <br />funding sources and uses. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />