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V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS <br /> All developers/businesses receiving Tax Increment assistance from the City of Elk <br /> River shall be subject to the provisions and requirements set forth by the City's <br /> Business Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 to <br /> 116J.995 (the "Minnesota Business Subsidy Law"). <br /> NA VI. APPLICATION PROCESS FOR TIF <br /> 1. Applicant submits the completed application along with a no rc f naablc <br /> $10,000 application deposit, to be refunded for any portions not utilized if the <br /> tax increment project does not proceed. The application deposit will be used <br /> toward the cost of services provided in the evaluation of financial feasibility, <br /> establishment or modification of the TIF district, and preparation of legal <br /> documents and agreements. An additional deposit of$10,000 will be required <br /> for projects the that require meeting statutory eminent domain and/or <br /> redevelopment substandard tests. Projects that demand professional services in <br /> excess of the initial deposit shall be required to reimburse the City for the <br /> additional expenses. <br /> 2. City staff reviews the application and completes the Commercial-Industrial <br /> and/or Housing Worksheets. The Application and Commercial-Industrial <br /> and/or Housing Worksheets is are primarily designed to score the desirability of <br /> the proposed an industrial project. Industrial,Redevelopment and Housing <br /> projects will be evaluated on a case-by-case basis and as the projects meet the <br /> city's desired objectives. <br /> 3. Results of the Commercial-Industrial and/or Housing Worksheets are <br /> submitted to the appropriate governing authorities (EDA or HRA) for <br /> recommendation to the City Council of approval or denial of the request. <br /> 4. If preliminary approval is granted, the Tax Increment Financing Plan, along <br /> with all necessary notices,resolutions are prepared by City staff and/or <br /> consultants. <br /> 5. Notices are published and sent to the county and school board. <br /> 6. Public hearing(s) on the proposed request are held. <br /> • <br /> 7. The City Council grants final approval or denial of the request. <br /> Page 6of15 10 ■ E 0 1 0 0 1 <br /> NATURE <br />