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State funds passed through local agencies to businesses (e.g. Minnesota Investment Fund awards) <br />are reported by the state grantor. However, local agencies must report on applicable local funds <br />awarded in conjunction with state funds and on state funds which have been repaid to and <br />reinvested by the local agency (e.g. revolving funds). <br /> <br />How is non-business subsidy financial assistance reported? <br />,/ Recipients of the four types of financial assistance with different reporting requirements must <br /> provide grantors with the information outlined in Minn. Stat. §116J.994, Subdivision 7(c), and will be <br /> subject to a penalty as defined in Minn. Stat. §116J.994, Subdivision 7(d) for failing to report. <br /> DTED will ask grantors to report, at a minimum, the information that Minn. Stat. §116J.994, <br /> Subdivision 7(¢) requires recipients to provide to them on these four types of financial assistance. <br /> Grantors should use the MBAF for reporting on financial assistance agreements. The form(s) will <br /> be posted on DTED's website and mailed to agencies in March. As with their business subsidy <br /> reports, grantors will have until April 1 to file these reports with DTED. <br /> <br />How will information reported by agencies be used? <br />,/ DTED is required to publish a report summarizing information reported through the MBAF each <br /> year by August 1. DTED's report must include a list of recipients that have failed to meet the terms <br /> of a'subsidy agreement in the past five years and have not satisfied their repayment obligations. <br /> Copies of the report will be submitted to the Legislature and posted on DTED's website. <br /> <br />Where can I find the law? <br /> The law can be found on DTED's website at www.dted.state.mn.us, click on Communities, then <br /> Business Subsidies Reporting, then the law can be printed from your web browser. <br /> <br />Clarifications to the law <br /> The following clarifications are in response to commonly asked questions about the law: <br /> · Regarding Minn. Stat. §116J.994, Subdivision 7(b), the statute's author agrees that <br /> recipients should continue reporting to the granting agency, not to DTED. The granting <br /> agency will be responsible for reporting to DTED. <br /> · DTED will be collecting information only on public funds originating in Minnesota; therefore, <br /> DTED will not ask agencies to report on federal funds they administer by the United States <br /> Department of Commerce, Economic Development Administration unless the funds have <br /> been repaid to the Minnesota government agency and reinvested according to local <br /> policies. <br /> <br />This fact sheet is intended lo help agencies.unders~c)d the business substclies law, and <br /> <br />requirements that are not outlined in this fact'.sheeL Questions about the lau/:can be <br />direcJed to DTED: <br /> <br /> Minnesota Department, o[Trade and Economic Development' <br /> Analysis and Evaluation Office <br /> 500 Melro Sq.uam <br /> t.21,. 7= Place East <br /> St, Paul, MN 551i0,1-2146 <br />Phone;. (651)296-05801 Fax: (65I)215-3841:' 1 E-mail: ed. hodder@state, mn~us <br /> <br />www.dted.state.mn,us <br /> <br />Department of Trade and Economic Development Page 4 of 5 February 15, 2001 <br /> <br /> <br />