6.0. EDSR 04-10-2006 - Laserfiche WebLink

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/ Local government agencies in communities with a population of more than 2,500 and state government agencies must submit an MBAF regardless of whether they have awarded business subsidies. The form will ask agencies whether they have awarded any subsidies. Local government agencies in communities with a population of 2,500 or less are exempt from filing the MBAF if they have not awazded a subsidy in the past five years (i.e. those with a population of 2,500 or less who have not signed an agreement afrer December 31, 1998, will be exempt from reporting in 2003). / DTED modified the 2003 MBAF in October. This form will ask grantors to report, at a minimum, the information that Minn. Stat. §1167.994, Subdivision 7 requires recipients to provide to them, including: • the type, public purpose, and amount of the subsidy, and type of district if the subsidy is TIF (calculate TIF agreements in the present value); • the hourly wage of each job created with sepazate bands of wages; • the sum of the hourly wages and cost of health insurance provided by the recipient, broken down by wage level; • the date(s) by which job and wage goals will be met; • a statement of goals identified in the agreement and an update on progress towazd them; • the location of the recipient prior to receiving the business subsidy; • information on why the recipient did not complete the project outlined in the subsidy agreement at its previous location, if previously located at another site in Minnesota; • the name and address of the parent corporation of the recipient, if any; and, • a list of all financial assistance by all grantors for the project. / With their reports, DTED will ask grantors to include a list of recipients that did not report, as well as a list of those failing to meet any goals outlined in the agreement and a description of the steps being taken to bring them into compliance or recoup the subsidy. / DTED will post an MBAF on DTED's website and mail the form in March. If DTED has not received an MBAF by April 1 from an entity required to report, DTED must issue a warning. If DTED has still not received the MBAF by June 1, the agency in default may not award any business subsidies until the report has been filed. / State funds passed through local agencies to businesses (e.g. Minnesota Investment Fund awazds) aze reported by the state grantor. However, local agencies must report on applicable local funds awaded in conjunction with state funds and on state funds which have been repaid to and reinvested by the local agency (e.g. revolving funds). How is non-business subsidy financial assistance reported? / Recipients of the four types of financial assistance with different reporting requirements must provide grantors with the information outlined in Minn. Stat. §1167.994, Subdivision 7(c), and will be subject to a penalty as defined in Minn. Stat. §1167.994, Subdivision 7(d) for failing to report. / DTED will ask grantors to report, at a minimum, the information that Minn. Stat. §1167.994, Subdivision 7(c) requues recipients to provide [o them on these four types of financial assistance. / Grantors should use the MBAF for reporting on financial assistance agreements. The form(s) will be posted on DTED's website and mailed to agencies in March. As with their business subsidy reports, grantors will have until April 1 to file these reports with DTED. How will information reported by agencies be used? / DTED is required to publish a report summarizing information reported through the MBAF each yeaz by August 1. DTED's report must include a list of recipients that have failed to meet the terms of a subsidy agreement in the past five yeazs and have not satisfied their repayment obligations. Copies of the report will be submitted to the Legislature and posted on DTED's website. Department of 7Yade and Economic Development Page 4 of 6 January Z2, 2003