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VI. SUBSIDY AGREEMENT AND REPORTING REQUIREMENTS <br /> <br />Each company receiving a business subsidy shall be subject to the subsidy a~eement and <br />reporting provisions and reqUarements set forth by the MN Business Subsidy La~v and <br />summarized below: <br /> <br />A. Pro~ess Reports <br /> The recipient shall file a report annually for two years after the receiving the <br /> subsidy or until all goals set forth in the subsidy agreement have been met, which <br /> ever is later. Reports shall be completed using the fozTnat drafted by the State of <br /> Minnesota and shall be filed ~vith the City no later than March 1 of each year for <br /> the progress made the previous year. <br /> <br />B. Maintain Facility <br /> The recipient agrees to maintain and operate its facil/ty at the site.where the <br /> subsidy is used for a period of five years after the date the subsidy is provided. <br /> <br />Failure to Comply <br />Businesses failing to comply with the subsidy a~'eement will be subject to f'mes, <br />repayment requirements, and be deemed ineligible by the State to receive any <br />loans or grants from public entities for a period of five years. <br /> <br />VII. <br /> <br /> A. <br /> <br />SUBSIDY APPLICATION PROCESS AND PROCEDURE <br /> <br />Application for business subsiclies shall be made on forms for the particular form of <br />assistance provided by the Cit7 of Elk River Director of Economic Development, or <br />desigmee. A fee of $ 5,000.00 shall accompany any Tax Increment Finance, Tax <br />Abatement, or grant request application to cover the City's initial legal, <br />adrrdmstrative, and planning costs. Micro-Loan applications shall include a fee in the <br />amount of 1% of the loan request_ed. <br /> <br />Following a review by appropriate City, Staff the application shall be referred to the <br />either the Economic Development Author/ty, or Housing and Redevelopment <br />Authority, for recommendation to the City Council for further action. <br /> <br />The application for business subsidies shall request information required within the <br />City's policies on the particular form of subsidy including but not limited to; a <br />detailed description of the project; a prelLmmary site plan; the amount of business <br />subsidy requested; the public purpose of the project; the number and types of jobs to <br />be created; the wages and benefits to be paid new employees; and verifiable funding <br />sources and uses. <br /> <br />City of Elk River Business Subsidies PoLicy 5 <br /> <br /> <br />