7.0. EDSR 02-13-2006 - Laserfiche WebLink

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XI. COMPLIANCE WITH STATE STATUTES Each company receiving assistance in excess of $75,000 from the EDA bficxo Loan Fund shall be subject to the provisions and requirements se[ forth by Minnesota State Statute 116].993 and the attached City of Elk River Business Subsidy Policy summarized below: Progress Reports The borrower shall file a report annually fox two years afer the closing of the loan or until all goals set forth in the application have been meet, which ever is later. Reports shall be completed using the format drafted by the State of Minnesota and shall be fled with the City in March of each year fox the previous year. Maintain Facility The borrower agrees to maintain and operate its facility at the site where the loan is used for a period of 5-years after the date the loan is closed. Goal Attainment In addition to attaining ox exceeding the jobs and wages goals set forth in Section IV of the Application, the borrower agrees to achieve at least one of the goals for community development set forth in Section IX, part 5, subdivision (e) of the Micro Loan Fund Policy. Redevelopment loans in the Central Business District are exempt from job creation and wage goals stated m Section IX, part 5, subdivision (e) provided the loan amount does not exceed 50% of the project cost. Failure to Comply Businesses failing to comply with the above provisions will be subject to fines, repayment requirements in accordance with the state statute, and be deemed ineligible by the State to receive any loans ox giants from public entities fox a period of 5-years. XII. RIGHT OF REFUSAL The Elk River Economic Development Authority may deny any project which it deems inappropriate according to the guidelines established in this document. Elk River F'.conomic Development Aut6odty Mino Loan Fund PoGry & Guidelines .L Umk Fcbn ,rl, 2(I(IC Deleted:': Deleted: ar~~sea)u°e zaw Formatted: Superscript Palre 8 of 15