6.0. EDSR 07-08-2002 - Laserfiche WebLink

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VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS • All developers/businesses receiving Tax Rebate Financing assistance from the City of Elk River shall be subject to the provisions and requirements set forth by the City's Business Subsidy Criteria as adopted, and Sstate(Statute 116J.993 asap summarized below. All developers/businesses receiving TRF assistance shall enter into a subsidy agreement with the City of Elk River that identifies: the reason for the subsidy, the public purpose served by the subsidy, and the goals for the subsidy, as well as other criteria set forth by statute 116J.993. The developer/business shall file a report annually for two years after the date the benefit is received or until all goals set forth in the application and performance abatement agreement have been met,whichever is later. Reports shall be completed using the format drafted by the State of Minnesota and shall be filed with the City of Elk River no later than March 1 of each year for the previous calendar year. Businesses fulfilling job creation requirements must file a report to that effect with the city within 30 days of meeting the requirements. The developer/business owner shall maintain and operate its facility at the site where TRF assistance is used for a period of five years after the benefit is received. In addition to attaining or exceeding the jobs and wages goals set forth in the Subsidy Agreement, the borrower shall achieve at least one of the objectives set forth in • Section III of this document. Developers / Businesses failing to comply with the above provisions will be subject to fines, repayment requirements, and be deemed ineligible by the State to receive any loans or grants from public entities for a period of five years. VII. APPLICATION PROCESS FOR TRF A. CITY OF ELK RIVER 1. Applicant submits the completed application along with ill a $5,000 application fees. The application fee will be used toward the cost of services provided in the evaluation of financial feasibility and preparation of.legal documents. The balance of the application fee will be returned to the applicant. • 7