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Policy 2003-01 Tax Rebate Policy Page 5 of 10 <br /> <br />The developer/business shall file a report annually for two years after the date the benefit is <br />received or until all goals set forth in the application and Subsidy Agreement have been met, <br />whichever is later. Reports shall be completed using the format drafted by the State of <br />Minnesota and shall be filed with the City of Anoka no later than March 1 of each year for <br />the previous calendar year. Businesses fulfilling job creation requirements must file a report <br />to that effect with the city within 30 days of meeting the requirements. <br /> <br />The developer/business owner shall maintain and operate its facility at the site where TRF <br />assistance is used for a period of five years after the benefit is received. <br /> <br />In addition to attaining or exceeding the jobs and wages goals set forth in the Subsidy <br />Agreement, the borrower shall achieve at least one of the objectives set forth in Section III <br />of this document. <br /> <br />Developers / Businesses failing to comply with the above provisions will be subject to fines, <br />repayment requirements, termination of the assistance, and be deemed ineligible by the State <br />to receive any loans or grants from public entities for a period of five years. <br /> <br />VII. APPLICATION PROCESS FOR TRF <br /> <br /> a. City of Anoka. <br /> <br />1. Applicant submits the completed application along with a $5,000 application <br />fee. The application fee will be used toward the cost of services provided in <br />the evaluation of financial feasibility and preparation of legal documents. <br />The balance of the application fee will be returned to the applicant. <br /> <br />2. City staff reviews the application and completes the Application Review <br />Worksheet. <br /> <br />3. Results of the Worksheet are submitted to the appropriate governing <br />authorities for preliminary approval of the proposal. <br /> <br />4. If preliminary approval is granted, all necessary notices, resolutions and <br />agreements are prepared by City staff and/or consultants. <br /> <br />5. Public hearing(s) on the proposed project are held. <br /> <br />6. The EDC or HRA recommends approval or denial of the proposal to the <br />City Council. <br /> <br />7. The City Council grants final approval or denial of the proposal.