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7 <br />accordance with applicable Minnesota State Statutes, the Development District Plan, and the TIF Plans as <br />amended. In the event that the Economic Development Authority desires to return pooled increment to <br />the respective taxing jurisdictions, the following guidelines will be observed: (1) reserves should be greater <br />than or equal to next years projected increment; and (2) prior to disbursing pooled funds to the respective <br />taxing jurisdictions, the Economic Development Authority will consider future projects and community <br />needs. (3) in the event that parcels are going to be decertified, the Economic Development Commission <br />will evaluate the potential action and make a recommendation to the Economic Development Authority. <br /> <br />VIII. APPLICATION PROCESS: <br /> <br />The following delineates the Mounds View Economic Development Authority’s application process for Tax <br />Increment Financing assistance: <br /> <br />1. Applicant submits the completed application (Attachment “A”) and Deposit Agreement <br />(Attachment “B”) along with all application fees. <br /> <br />2. City staff reviews the application and completes the Application Review Worksheet (Attachment <br />“C”). <br /> <br />3. Results of the Worksheet are submitted to the appropriate governing authorities for preliminary <br />approval of the proposal. <br /> <br />4. If preliminary approval is granted, a development agreement, business subsidy agreement, and <br />amendments to the Tax Increment Financing Plan, along with all necessary notices, resolutions and <br />certificates are prepared by City staff and/or consultants. <br /> <br />5. If applicable, notices are published and sent to the county and school board. <br /> <br />6. If necessary, public hearing(s) on the proposed project are held. <br /> <br />7. The Economic Development Authority considers final approval of the proposal. <br />