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04-08-08
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2008
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04-08-08
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and time in pursuing a development that may conflict with the City's goals and <br /> objectives. <br /> • 8.2 The City's public financing program will be administered by the City of Arden Hills. The <br /> City will require a non-refundable application fee in the amount of $2,000 for its <br /> processing of the application. The application fee shall be paid to the City at the time a <br /> final Public Financing Application is submitted. <br /> 8.3 At the time a final Public Financing Application is submitted, the applicant shall also <br /> deposit $10,000 with the City to cover attorney and consultant costs incurred as part of <br /> amending or establishing a TIF district or abatement, drafting and negotiating a <br /> development agreement,and conducting any fiscal analysis that may be required to meet <br /> the requirements of utilizing any public financing. ;If additional expenses are incurred <br /> beyond the $10,000, prior to the execution of a development agreement, the City shall <br /> notify the applicant in writing and the applicant will be required to deposit additional <br /> funds upon notice. <br /> 8.4 If the project is approved and the applicant proceeds with the project,the City shall <br /> reimburse the applicant any unused portion of the deposit as of the date of execution of <br /> the development agreement. If the applicant does not proceed with the project, the City <br /> shall reimburse the applicant for the unused portion of the deposit, less expenses incurred <br /> but not yet billed, as of the date that the City is notified in writing that the applicant <br /> desires to withdraw its application. <br /> 9. SUBSIDY AGREEMENT <br /> 9.1 In granting a business subsidy, the Grantor shall enter into a subsidy agreement with the <br /> recipient that provides the information, wage and job goals(if applicable), commitments <br /> to provide necessary reporting data and recourse for fail to meet goals required by the <br /> Statutes. <br /> • 9.2 The subsidy agreement may be incorporated into a broader development agreement for a <br /> project. <br /> 9.3 The subsidy agreement will describe the requirements for the recipient to provide the <br /> reporting information required by the Statutes. <br /> Adopted by City of Arden Hills Economic Development Authority <br /> Adopted by Arden Hills City Council <br /> Deleted:N:\Minnsota`.Arden <br /> Hills\TCAAP\TIF\Business Subsidy <br /> Policy\Business Subsidy Public <br /> Financing Policy-Draft 2-26-08.doc <br /> Page 7 of 7 <br /> IC:\Documents and Settings\ioe.rueb\Local Settings\Temporary Internet Files\OLK9B\Business Subsidy Public <br /> Financing Policy-Draft 2-26-08 1.doc <br /> • <br />
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