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PROPOSED <br /> 11/25/02 <br /> • <br /> VI. 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 MN 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 no later than March 1 of each year for <br /> 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 fines, <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 /> VII. SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> A. Application for business subsidies shall 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 initial legal, <br /> administrative, and planning costs. Micro-Loan applications shall include a fee in the <br /> amount of 1% of the loan requested. <br /> Following a review by appropriate City Staff the application shall be referred to the <br /> either the Economic Development Authority, or Housing and Redevelopment <br /> Authority, for 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 Business Subsidies Policy 4 <br />