2021.10.05 WS Packet - Laserfiche WebLink

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Article 8.Requests for Municipal Development Financial Assistance Sec.2-180. General Conditions The City is authorized to conduct certain economic development activities under Minnesota Statutes, Chapter 469. The purpose of this Article is to regulate how the City processes requests for economic development assistance by privates parties,including private for-profit and non-profit entities, Sec.2-181.Regulation and Process. (1)All requests for assistance shall be made in writing on forms approved by the City Manager or the Manager's designee. (2)The City Council shall establish by resolution the amount of all application fees and related charges to be paid at the time of application. These fees and charges are non-refundable,unless waived by the City Council. (3)All requests for assistance shall be handled in a two step process, as described below: Step 1: (A)Interested parties shall complete an exploratory application and pay a fee to the City. (B)The exploratory application shall provide a written narrative of the proposed project and an explanation of the financial assistance that is needed. (C)The City shall refer the exploratory application to the City Council for discussion at a available work session. If the City Council shows interest in the project,the Applicant shall be directed to complete the process described in Step 2. The City Council reserves any and all rights with respect to providing or declining to provide financial assistance to the project. Step 2: (D)The Applicant shall pay a separate fee for the Step 2 review process. (E) The Applicant shall provide additional background information on the project,which at a minimum must include a project sources and uses statement, a cash flow statement and other information deemed appropriate by the City. (F) The Applicant shall provide a description of the project goals, such as the scope of Development;number of jobs created and/or housing units to be built; and the proposed development schedule. (G)The Applicant shall provide a list of the project team members including the principal developer,partners, architects, engineers, attorneys and other professionals. This should also include a summary of their experiences on development projects. (H)The Applicant shall provide a description of at least three(3)previous projects that have been completed by the Applicant or are in process at the time of application. (I) Other information, as deemed appropriate by the City. (J) All Step 2 applications shall be referred to the Economic Development Commission for review and recommendation,prior to consideration by the City Council. (4) If the City Council approves the Step 2 application, City Council may authorize the preparation of a term sheet and/or contract for private redevelopment. The Applicant shall make a cash 2-24