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City of Elk River Business Subsidy Policy <br />Amended April 2015 <br />Page 9 of 8 <br />ever is later. Reports shall be completed using the format drafted by the State of <br />Minnesota and shall be filed with the City’s Economic Development Division no <br />later than 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 provided. <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 />