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<br /> <br />A. Progress Reports <br />The recipient shall file a report annually for two years after the receiving the <br />subsidy benefit date, as defined in the Minnesota Business Subsidy Law, or until <br />all goals set forth in the subsidy agreement have been met, which ever is later. <br />Reports shall be completed using the format drafted by the State of Minnesota <br />and shall be filed with the City’s Economic Development Division no later than <br />March 1 of each year for the progress made the previous year. <br /> <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 <br />providedfrom the benefit date, as defined in the Minnesota Business Subsidy <br />Law. <br /> <br />C. Failure to Comply <br />Businesses failing to comply with the subsidy agreement will be subject to the <br />terms of the individual agreement, repayment requirements at the rate established <br />within the Minnesota Business Subsidy Law, and be deemed ineligible by the <br />State to receive any loans or grants from public entities for a period of five years. <br /> <br /> <br />City of Elk River Business Subsidy Policy <br />Amended April 2015 <br />Page 9 of 8 <br /> <br />Formatted: Default Paragraph Font, Font: <br />Times New Roman, 8 pt <br />Formatted: DocID <br />