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VI. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br />-___ _ __ _ <br />Each company receiving a business subsidy shall be subject to the subsidy agreement and <br />reporting provisions and requirements set Eoxth by the bIN Business Subsidy Law and <br />summarized below: <br />A. Proeress Reports <br />The recipient shall Eile a report annually fox two years after the receiving the <br />subsidy or until all goals set forth in the subsidy agreement have been met, wMch <br />ever is latex. Reports shall be completed using the format drafred by the State of <br />Minnesota and shall be filed with the Ctty's F;cnnomi< I h•ealo~jnucnt Division no <br />latex than March 1 of each year fox the progress made the previous yeac. <br />B. Maintain Facility <br />The recipient agrees to maintain and operate its facility at the site where the <br />subsidy is used for a period of five years after the date the subsidy is provided. <br />C. Failure to Comnlv <br />Businesses failing to comply with the subsidy agreement will be subject to fines, <br />repayment requixements_;gt nc~ t uc „c~t;tbhehed ruithm the AI?J Butimi ct ~.!Jhs4dy, <br />IL=w, and be deemed ineligible by the State to receive any loans ox giants from <br />public entities fox a period of five years. <br />VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br />A. Application fox business subsidies shall be made on }h (u~'s..forms for the <br />particular ~e of asststance, '1 he application fur brume ~. s«bsidles shed ~:eq <br />pl;ui; t_hr unount fat busines} sitbsidt~ t_e<IuI etr d: tl7e pnbhc pur$>r»e of tkied~r<ycc_; <br />the number aml [ypc~ of j,oba_t I bc. crcetcyl [hc u ties tnd hcn_c_fit~ «> bc. ~.td. n<u; <br />r mnoc u•., end venlub(e hutdtnr, soutc e_a and u,cs. <br />B. k'ollowmg a review by appropriate City Staff the apphcanon shall be referred to the <br />either the Economic Development Authority, ox Housing and Redevelopment <br />Authority, fox recommendation to the City Council for further action. <br />Deleted: ll ~. <br />a <br />Iii <br />Deleted:_ ( , ___ <br />Formatted: Indent: Left: 0.25" <br />Deleted: <u>p,o~ld~i by nc~ r „v of ~~,, <br />Rlk lliver Dimcax oCGwnrnnk '~. <br />D~ Iopmcm d: b c e f u~f t I <br />[NII100 shrill rye nnv I ~ ~.~ <br />Inacmem finvsc,"I ax 46vramuvq nr <br />grnor gmsr appGcrfon ro ewer nc~ Gn'e <br />mrtial legal, admhusrrndvc, nud plaeuing ' <br />os¢. M~ceo-l.o napplicannus slu~ll <br />ndode a f v in rho amount oC tY» o[ nc~ <br />Inau veyucnred. 1 <br />D¢let¢d: Il_ _'I'hc npplicxnnn &s <br />buslmss subs~d~rs shall nyucs <br />Intonnnuor, inquired wrchm dm Gry's <br />poh~e.. ou nc~ parncular (nrm o[ mbs~Jy <br />indudivg but ms lvdred m, a derailed ' <br />duscripmn of :hc projca;nprelim~nery <br />arcplav; rho amount of buaivcs aulaidy <br />mque..mJ; the public purpose of Chu <br />projaee, rbe numhx avd rypes oFjobs ~o be <br />reams, nc~ way s nud bunefin ro be pail I <br />urw omploycos; and ~rnlnblu funding '. <br />iris u... <br />City of Elk ItIVIY Rosiness Subsidies Policy g <br />t" Drnft Amended April 2006 <br />