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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 forth by the MN Business Subsidy Laxv and <br />summa~4zed below: <br /> <br />Progress Reports <br />The recipient shah frie 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, ~vhich <br />ever is later. Reports shall be completed using the format drafted by the State of <br />Minnesota and shall be fried with the City, no later than March 1 of each year for <br />the progress made the previous year. <br /> <br />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 /> <br />Failure to Comply <br />Businesses failing to comply with the subsidy agreement will' be subject to frees, <br />repayment requirements, and be deemed ineligible by the State to receive any <br />loans or grants from public entities for a period of five years. <br /> <br />VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> <br />Application for business subsidies shah be made on forms for the particular form of <br />assistance provided by the City of Elk River Director of Economic Development, or <br />designee. A fee of $ 5,000.00 shall accompany any Tax Increment Finance, Tax <br />Abatement, or grant request application to cover the City's imtial legal, <br />admimstrative, and planning costs. Micro-Loan applications shall include a fee in the <br />amount of 1% of the loan requested. <br /> <br />Following a review by appropriate City Staff the application shah be referred to the <br />either the Economic Development Authority, or Housing and Redevelopment <br />Authority, for recommendation to the City Council for further acdon. <br /> <br />3. <br /> <br />The application for business subsidies shall request information requh'ed 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 prelimmaLw site plan; the amount of business <br />subsidy requested; the public purpose of the project; the number and t3.,pes of jobs to <br />be created; the wages and benefits to be paid new employees; and verifiable funding <br />sources and uses. <br /> <br />CiB- of Elk Pdver Business Subsidies Policy 5 <br /> <br /> <br />