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Minnesota Business Assistance Form-View Form Page 4 of 4 47 <br /> Hourly Wage of$27.00 to$28.99(excluding benefits): <br /> 0-Full time Job Creation <br /> So-Part-time Job Creation <br /> 0-Job Retention <br /> Hourly Wage of$29.00 to$30.99(excluding benefits): <br /> 0-Full time Job Creation <br /> 0-Part-time Job Creation <br /> 0-Job Retention <br /> Hourly Wage of$31.00 and higher(excluding benefits): <br /> 0-Full time Job Creation <br /> 0-Part-time Job Creation <br /> 0-Job Retention <br /> 32.Has the recipient achieved all goals and fulfilled all obligations stipulated in the agreement?:No <br /> Section 5-Recipients Failing to Fulfill Obligations <br /> 33.During the period January 1,2003 through December 31,2006,did your organization have any recipients who failed to report as <br /> required by Minn.Stat.D116J,993 and 0116J.994?No <br /> 34.Did your organization have any recipients who failed to achieve any goals or fulfill any other obligations under an agreement signed on <br /> or after January 1,2006,that were required to be fulfilled by the time of this report?Yes <br /> Section 5-Recipients Failing to Fulfill Obligations <br /> Provide the following information for each recipient failing to fulfill goals or any other terms of an agreement that were to be attained by the <br /> time of reporting. <br /> • <br /> 35.Information on recipient and agreement <br /> Name of recipient In default:Bank of Elk River <br /> Type of subsidy or assistance:Tax Abatement <br /> Initial value of subsidy or assistance:300000 <br /> • Street Address:630 Main St <br /> City:Elk River <br /> State:MN Zip Code:55330 <br /> Outstanding value of subsidy or assistance:185537 <br /> 36.Has the recipient achieved all goals(see Questions 29,30,and 31)and fulfilled all obligations stipulated in the agreement?Other <br /> If other,please specify:Restructured business and failed to create new employees <br /> 37.To date,has the recipient fulfilled Its repayment obligation?Yes <br /> 38.Has the agreement been amended to extend the recipient's deadline for fulfilling Its obligations?Yes <br /> 39.Describe the steps being taken to bring recipient into compliance or recoup the subsidy?:The Bank was hit hard by the housing <br /> crisis.They are working to hire new employees and to come into compliance in 2013.The EDA granted them an extension until <br /> September of 2013. <br /> Return to Minnesota Business Assistance Report Listino <br /> ©2013 Minnesota Department of Employment and Economic Development <br /> • <br /> https://apps.deed.state.mn.us/Ammal_MBAF_Reports/fetch report.asp 12/2/2013 <br />