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05/16/99 6:21 p.m. [RESDEPT ] JF KB56 <br /> 1 not fulfill the agreement. At a minimum, the agreement must <br /> 2 require a recipient failing to meet subsidy agreement goals to <br /> 3 pay back the assistance plus interest to the grantor provided <br /> 4 that repayment may be prorated to reflect partial fulfillment of <br /> 5 goals. The interest rate must be set at the implicit price <br /> 6 deflator defined under section 275.70, subdivision 2. The <br /> 7 grantor, after a public hearing, may extend for up to one year <br /> 8 the period for meeting the goals provided in a subsidy agreement. <br /> 9 A recipient that fails to meet the terms of a subsidy <br /> 10 agreement may not receive a business subsidy from any grantor <br /> 11 for a period of five years from the date of failure or until a <br /> 12 recipient satisfies its repayment obligation under this <br /> 13 subdivision, whichever occurs first. <br /> 14 Before a grantor signs a business subsidy agreement, the • <br /> 15 grantor must check with the compilation and summary report <br /> 16 required by this section'.to determine if the recipient is <br /> 17 eligible to receive a business subsidy. <br /> 18 Subd. 7. [REPORTS BY RECIPIENTS TO GRANTORS.] (a) A • <br /> 19 business subsidy grantor must.monitor the progress by the <br /> 20 recipient in achieving agreement goals. <br /> 21 (b) A recipient must provide information regarding goals <br /> 22 and results for two years after the benefit date or until the <br /> 23 goals are met, whichever is later. If the goals are not met, <br /> 24 the recipient must continue to provide information on the <br /> 25' subsidy until the subsidy is repaid. The information must be <br /> 26 filed on forms developed by the commissioner in cooperation with <br /> 27 representatives of local government. Copies of the completed <br /> 28 forms must be sent to the commissioner and the local government <br /> 29 agency that provided the business subsidy. The report must <br /> 30 include: <br /> 31 (1) the type, public purpose, and amount of subsidies and <br /> 32 type of district if the subsidy is tax increment financing; <br /> 33 (2) the hourly wage of each job created with separate bands <br /> 34 of wages; • <br /> 35 (3) the sum of the hourly wages and cost of health <br /> 36 insurance provided by the employer with separate bands of wages; <br /> 6 <br />