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Please note that the evaluation methodology is intended to provide a balanced review. Each area will be evaluated individually and collectively and in no case 1 one area outweigh another in terms of importance to determining the level of,14%`assistance. Sk\O1J_Z(_ 8. Application for TIF assistance for all TIF districts and proiect areas The City's tax increment financing program will be administered by the Arden Hills Economic Development Authority (EDA). The Arden Hills EDA will require a non- refundable application fee in the amount of$2,000 for its processing of the application. The application fee shall be paid to the EDA at the time a final TIF application is submitted. At the time a final TIF application is submitted, the applicant shall also deposit $10,000 with the EDA to cover attorney and consultant costs incurred as part of amending or establishing a TIF district, drafting and negotiating a development agreement, and conducting any fiscal analysis that may be required to meet the requirements of utilizing TIF. If additional expenses are incurred beyond the $10,000, prior to the execution of a development agreement, the EDA shall notify the,applicant in writing and the applicant will be required to deposit additional funds upon notice. If the project is approved and the applicant proceeds with the project, the EDA shall reimburse the applicant any unused portion of the deposit as of the date of execution of the development agreement. If the applicant does not proceed with the project, the EDA shall reimburse the applicant for the unused portion of the deposit, less expenses incurred • but not yet billed, as of the date that the EDA is notified in writing that the applicant desires to withdraw its application. 9. Application Process The application process is a two-step process and must be completed in accordance with the TIF application,procedures. The purpose of this approach is to give an applicant the opportunity to present a development proposal without expending a great deal of money and time in pursuing a development that may conflict with the City's goals and objectives. 10. Loss of Government Aid At any time, if the formation of a new TIF district the use of an existing district to finance a project will subject the City to an LGA/H CA he or local contribution to a project, the transaction shall be structured so as to have the ultimate cost to the City minimized to the greatest extent permitted by law, so as to have the project bear the cost of the penalty or contribution. 11. Public Use of Tax Increment The City shall follow applicable state laws in terms of potential public improvement financing with TIF. It shall be the general policy of the City to identify public • improvements at the time of adoption or amendment of the TIF Plan. Page 7 of 8 \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\Business Subsidy Public Financing Policy-Draft 7-30-07.doc