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VIII. 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 Minnesota Business Subsidy Law and <br /> summarized below: <br /> A. Progress Reports <br /> The recipient shall file a report annually for two years after the receiving the <br /> subsidy or until all goals set forth in the subsidy agreement have been met,which <br /> ever is later. Reports shall be completed using the format drafted by the State of <br /> Minnesota and shall be filed with the City's Economic Development Division no <br /> later than March 1 of each year for 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 for 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 the <br /> terms of the individual agreement des,repayment requirements at the rate <br /> established within the Minnesota Business Subsidy Law, and be deemed ineligible <br /> by the State to receive any loans or grants from public entities for a period of five <br /> years. <br /> City of Elk River Business Subsidy Policy 7 <br /> Amended A1ay 200E February 2014 <br />