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<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 /> <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 /> <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 /> <br />9. SUBSIDY AGREEMENT <br /> <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 /> <br />9.2 The subsidy agreement may be incorporated into a broader development agreement for a <br />proj ect. <br /> <br />9.3 The subsidy agreement will describe the requirements for the recipient to provide the <br />reporting information required by the Statutes. <br /> <br />Adopted by Arden Hills City Council December 8, 2008 <br /> <br />Page 7 of7 <br />