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<br />XI. COMPLIANCE WITH STATE STATUTES <br /> <br />Eacll company receiving assistance in excess of $75,000 from tlle ED.[\.. 1'llcro Loan <br />Frmd shall be subject to tlle provisions and requirements set forth by l\;Iinnesota <br />State Statute 116J.993 and tlle City's Business Subsidy Policy summarized belo\v: <br /> <br />Progress Reports <br />TIle borro\ver shall file a report annually for t\~vo years after tlle closing of tlle loan or <br />until all goals set fOl*tll in tlle application lla've been meet, \,dllch ever is later. Repol1s <br />sllall be completed using the format drafted by the State of J\finnesota and shall be <br />filed \Vitll tlle City in lvlarcll of eacll year for the previous year. <br /> <br />Maintain Facility <br />The borro\,rer agrees to maintain and operate its facility at the site \vhere tlle loan is <br />used for a period of 5-years after the date tlle loan is closed. <br /> <br />Goal Attainment <br />In addition to attaining or exceeding the jobs and \,rages goals set forth in Section IV <br />of the .l\pplication, the borro\ver agrees to achieve at least one of tlle goals for <br />community de\telopment set fortll in Section IX, part 5, subdivision (e) of the I\'llcro <br />Loan Fund Policy. <br /> <br />Redevelopment loans in tlle Central Business District are exempt from job creation <br />and \vage goals stated in Section IX, part 5, subdivision (e) provided the loan amount <br />does not exceed 500/0 of the project cost. <br /> <br />Failure to Comply <br />Businesses failing to comply \Vitll the abo.ve provisions \v.ill be subject to fines, <br />repayment requirements in accordance \Vitll the state statute, and be deemed <br />ineligible by tlle State to receive any loans or grants from public entities for a period <br />of 5-years. <br /> <br />XII. RIGHT OF REFUSAL <br /> <br />TIle Elk River Economic Development ..A..uthority may deny any project \,dllch it <br />deems inappropriate according to the guidelines established in tllls docrunent. <br /> <br />Elk River Economic Development ~'-\.uthol":ity <br />rVllCl"O Loan Fund Policy & Guidelines <br />Re\;.sed June 2004 <br /> <br />Page 80f8 <br />