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State of Minnesota and shall be filed with the Ciry no later than March 1 of each <br />year for the progress made the previous year. <br />B. Failure to Comnlv <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 ox grants from public entities fox a period of five years. <br />C. 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 />VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br />A. Application fox business subsidies shall be made on forms fox the particular form of <br />assistance provided by the City of Elk River Economic Development staff. <br />Following a review by appropriate City Staff the application shall be referred to <br />either the Econoxxuc Development Authority, ox Housing and Redevelopment <br />Authority, fox recommendation to the City Council for further action. <br />B. The application for 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 />City of Elk River <br />Tax Increment Policy & Application <br />1" Draft Modified Apn12006 <br />Page 9 of 14 <br />