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• ✓ State funds passed through local agencies to businesses(e.g. Minnesota Investment Fund awards) <br /> are reported by the state grantor. However, local agencies must report on applicable local funds <br /> awarded in conjunction with state funds and on state funds which have been repaid to and <br /> reinvested by the local agency(e.g. revolving funds). <br /> How is non-business subsidy financial assistance reported? <br /> ✓ Recipients of the four types of financial assistance with different reporting requirements must <br /> provide grantors with the information outlined in Minn. Stat.§116J.994, Subdivision 7(c),and will be <br /> subject to a penalty as defined in Minn. Stat. §116J.994, Subdivision 7(d)for failing to report. <br /> ✓ DTED will ask grantors to report,at a minimum,the information that Minn. Stat.§116J.994, <br /> Subdivision 7(c)requires recipients to provide to them on these four types of financial assistance. <br /> ✓ Grantors should use the MBAF for reporting on financial assistance agreements. The form(s)will <br /> be posted on DTED's website and mailed to agencies in March. As with their business subsidy <br /> reports, grantors will have until April 1 to file these reports with DTED. <br /> How will information reported by agencies be used? <br /> ✓ DTED is required to publish a report summarizing information reported through the MBAF each <br /> year by August 1. DTED's report must include a list of recipients that have failed to meet the terms <br /> of a subsidy agreement in the past five years and have not satisfied their repayment obligations. <br /> Copies of the report will be submitted to the Legislature and posted on DTED's website. <br /> Where can I find the law? <br /> ✓ The law can be found on DTED's website at www.dted.state.mn.us,click on Communities,then <br /> Business Subsidies Reporting,then the law can be printed from your web browser. <br /> Clarifications to the law <br /> ✓ The• • <br /> following clarifications are in response to commonly asked questions about the law:• Regarding Minn. Stat. §116J.994,Subdivision 7(b),the statute's author agrees that <br /> recipients should continue reporting to the granting agency, not to DTED. The granting <br /> agency will be responsible for reporting to DTED. <br /> • DTED will be collecting information only on public funds originating in Minnesota;therefore, <br /> DTED will not ask agencies to report on federal funds they administer by the United States <br /> Department of Commerce, Economic Development Administration unless the funds have <br /> been repaid to the Minnesota government agency and reinvested according to local <br /> policies. <br /> MIS inarSti..t IS Intended to help agencies understand tha business subsidies taw,and <br /> does not serve as a substitute for statute languag . Agents are responsiblefor <br /> n Ornplyinas with Ow tow artd should view the law for questions and specific details and <br /> ▪ u ire nts fat are not outlined In this fact sheet.. Questions about the law can be <br /> directed to O ." <br /> Minnesota Department of TradwandTrade 'E nor evelopa t' <br /> Analysis and Evaluation Office <br /> O Metro Square <br /> 121 riPlace East <br /> St.Paul,MN65101-2146 <br /> i ne-(6511296-0585 I Far(651)215-3M1 ed.hodde r? te.mn.0 <br /> www.dtedetateann.us <br /> • <br /> Department of Trade and Economic Development Page 4 of 5 February 15,2001 <br />