6.2. EDSR 02-20-2018 - Laserfiche WebLink

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5. EDA review of presented application at a public meeting of the EDA. Financial information will be kept private when possible. Applicants are strongly encouraged to attend this meeting. 6. Applicant will be notified by letter shortly after the meeting of the Board’s decision to approve, deny, or delay voting on the application. 7. Business will open within 90 days of approval; rental subsidies will begin after the business has opened. The business owner may begin to take required educational classes (if offered) after approval has been acquired but prior to business hours of operation commencing. Please note: 1. Maximum monetary assistance provided per business is $9,990 2. Business owner must comply with all requirements outlined, or any subsidies received through the program must be immediately repaid to the EDA. 3. Business owner must be willing to release financials including information on sales, inventory, expenses, etc. upon EDA request. 4. Business must continue to operate within the City of Stewartville for three (3) consecutive years (including 18-month program) from opening. Businesses that willingly relocate outside of the City prior to the completion of three (3) years will be required to immediately repay 100% of subsidies received to the EDA. Businesses that go out of business prior to the completion of three (3) years may be required to repay all or a portion of received subsidies as determined appropriate by the EDA. 5. If the applicant is approved for the program, he/she implicitly agrees that the City may promote the company’s usage of the program and include the company’s information in relevant publicity materials/events/etc. All applications will be reviewed on a first-come-first-serve basis. Approval may be affected by funding availability. Applicants must submit one complete application to City Hall at least one (1) week prior to that month’s EDA meeting for review (the EDA usually meets the 3rd Tuesday of each month). A complete application will also include all required attachments. Incomplete applications will be neither accepted nor held. All property owners and applicants affiliated with the applications and ultimate receipt of subsidies must ensure that taxes, utility bills, code violations, and other business with the City of Stewartville are current, in compliance with all City regulations and obligations and in good standing on all properties owned within the City limits in order to apply and receive the rebate. Past history of delinquency on City matters will also be taken into consideration before program approval is given. This consideration applies to both applicants and property owners from whom they may rent. This program will be carried out in accordance with the Stewartville Business Subsidy Policy and Minnesota Business Subsidy Law. The EDA will review these program guidelines on an annual basis to ensure maximum effectiveness.