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VI. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br />Each company receiving a business subsidy shall be subject to the subsidy agreement and <br />reporting provisions and requirements set forth by the MN Business Subsidy Law and <br />summarized below: <br />A. Progress Reports <br />The recipient shall file a report annually for rivo years after the receiving the <br />subsidy or until all goals set forth in the subsidy agreement have been met, which <br />ever is latex. Reports shall be completed using the format drafted by the State of <br />Minnesota and shall be filed with the City no later than March 1 of each year for <br />the progress made the previous year. <br />B. Maintain Facility <br />The recipient agrees to maintain and operate its facility at the site where the <br />subsidy is used fox a period of five years after the date the subsidy is provided. <br />C. Failure to Comply <br />Businesses failing to comply with the subsidy agreement will be subject to fines, <br />repayment requirements, and be deemed ineligible by the State to receive any <br />loans or giants from public entities for a period of five years. <br />VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br />A. Application for business subsidies shall be made on forms fox the particular form of <br />assistance provided by the City of Elk River Director of Economic Development, or <br />designee. A fee of $ 5,000.00 shall accompany any'1'ax Increment Finance, Tax <br />Abatement, or giant request application to cover the City's initial legal, <br />administrative, and planning costs. Micro-Loan applications shall include a fee in the <br />amount of 1% of the loan requested. <br />Following a review by appropriate City Staff the application shall be referred to the <br />either the Economic Development Authority, or Housing and Redevelopment <br />Authority, fox recommendation to the City Council fox further action. <br />B. The application fox business subsidies shall request information required within the <br />City's policies on the particular form of subsidy including but not limited to; a <br />detailed description of the project; a preliminary site plan; the amount of business <br />subsidy requested; the public purpose of the project; the number and types of jobs to <br />be created; the wages and benefits to be paid new employees; and verifiable funding <br />sources and uses. <br />Ciry of Elk River Business Subsidies Policy <br />