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2007.01.16 EDA Packet
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2007.01.16 EDA Packet
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Commissions
Meeting Date
1/16/2007
Document Type
Agenda/Packets
Commission Name
EDA
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d. The project must be consistent with the City's Comprehensive <br /> Plan, Land Use Plan, and Zoning Ordinances. <br /> e. The project shall serve at least two of the following public <br /> purposes: <br /> • Creation of jobs with livable wages and benefits. <br /> • Increase of tax base. <br /> • Enhancement or diversification of the city's economic base. <br /> • Industrial development that will spur additional private <br /> investment in the area. <br /> • The project contributes to the fulfillment of the City's <br /> development or redevelopment objectives. <br /> • Removal of blight or the rehabilitation of a high profile or <br /> priority downtown site. <br /> V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> All developers/businesses receiving tax increment financing assistance from <br /> the City of Hugo shall be subject to the provisions and requirements set <br /> forth by state statute 116J.993 and summarized below. <br /> All developers/businesses receiving TIF assistance shall enter into a <br /> subsidy agreement with the City of Hugo that identifies: the reason for the <br /> subsidy, the public purpose served by the subsidy, and the goals for the <br /> subsidy, as well as other criteria set forth by statute 116J.993. <br /> The developer/business shall file a report annually for two years after the <br /> date the benefit is received or until all goals set forth in the application and <br /> performance agreement have been meet, whichever is later. Reports shall <br /> be completed using the format drafted by the State of Minnesota and shall <br /> be filed with the City of Hugo no later than March 1 of each year for the <br /> previous calendar year. Businesses fulfilling job creation requirements <br /> must file a report to that effect with the city within 30 days of meeting the <br /> requirements. <br /> The developer/business owner shall maintain and operate its facility at the <br /> site where TIF assistance is used for a period of five years after the benefit <br /> is received. <br /> In addition to attaining or exceeding the jobs and wages goals set forth in <br /> the Subsidy Agreement, the applicant shall meet the qualifications set forth <br /> in Section IV of this document. <br /> Developers / Businesses failing to comply with the above provisions will be <br /> subject to fines, repayment requirements, and be deemed ineligible by the <br /> State of Minnesota to receive any loans or grants from public entities for a <br /> period of five years. <br /> 6 <br />
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