2021-04-22 DEED Grant Agreement for AVA STATE OF MINNESOTA
GRANT CONTRACT AGREEMENT
DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT
ECONOMIC DEVELOPMENT DIVISION
Minnesota Investment Fund Grant Contract Agreement
Grant Number: CDAP-21-0002-H-FY2021
Grant Amount: $450,000
Grantee: City of Albertville
Borrower:Advanced Volumetric Alliance, LLC
This grant contract agreement is between the State of Minnesota,acting through the Department of
Employment and Economic Development, Economic Development Division,332 Minnesota St.,Suite E200,St.
Paul, MN 55101("STATE")and City of Albertville 5959 Main Ave NE,Albertville, MN 55301"GRANTEE").
Recitals
1. Under Minn.Stat. §116J.993 and 116J.994 which established the guidelines for providing business
subsidies, and 116J.8731, which established the Minnesota Investment Fund, the State is
empowered to enter into this grant contract agreement.
2. The State is in need of local government to administer financial assistance to eligible projects in
accordance with Minn. Stat. § 116J.8731 Minnesota Investment Fund; Minnesota Rules Chapter
4300; and policies and procedures developed by the State.
3. The work anticipated to be performed for the Borrower's Project is not geographically dependent.
It therefore could have been located at any number of locations either within or outside of the
State of Minnesota. The subsidy has been provided to enhance the financial attractiveness and
financial feasibility of locating or retaining the Borrower's operations in the Jurisdiction, rather
than at some other location.
4. The Grantee represents that it is duly qualified and agrees to perform all services described in
this grant contract agreement to the satisfaction of the State.
5. The Grantee and State are entering into this grant contract agreement for public purposes that
include the creation or retention of jobs that pay quality wages, the enhancement of economic
growth in the State of Minnesota and the expansion of the tax base of the local community where
the business will locate or expand.
Defined Terms
Defined terms. As used in this grant contract agreement,the following terms shall have the
meanings set out respectively after such term (the meanings to be equally applicable to both the
singular and plural forms of the terms defined), unless the context specifically indicates
otherwise:
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"Application" means the Grantee's application to the State for a Minnesota Investment Fund
award for the purpose of providing a loan to Advanced Volumetric Alliance, LLC("BORROWER").
"Benefit Date" means the date equipment financed through a Minnesota Investment Fund loan is
fully operational as defined in Section 1.2 of the Term of Agreement on page two of this grant
contract agreement.
"Compliance Date" is the date two years from the Benefit Date at which job creation and wage
goals by the Borrower must be completed.
"Full-Time Equivalent(FTE)" is one or more people working a sum of 2,080 hours in a calendar
year.
"Loan Agreement"is a document between the Grantee and Borrower defining the terms and
conditions of the Loan.
1. Term of Grant Contract Agreement
1.1 Effective Date: March 31, 2021 or the date the State obtains all required signatures under
� lll�� 2a Subd.5,whichever is later. Per Minn.Stat.§16B.98,Subd.5,the Grantee
must not begin work until this grant contract agreement is fully executed and the State's
Authorized Representative has notified the Grantee that work may commence. Per (,�,�ip,igm„
2Ig VI wa Subd. 7, no payments will be made to the Grantee until this grant contract
agreement is fully executed.
1.2 Benefit Date: 03/01/2022
1.3 Compliance Date:03/01/2024(two years after Benefit Date)
1.4 Expiration Date:06/30/2024(three months after Compliance Date)
1.5 Survival of Terms. The following clauses survive the expiration or cancellation of this grant
contract agreement:8. Liability;9.State Audits; 10. Government Data Practices; 12. Publicity
and Endorsement;13.Governing Law,Jurisdiction and Venue;15.Data Disclosure;and Exhibit
A 4. Repayments.
2. Grantee's Duties
The Grantee,who is not a State employee,will:
2.1 Perform the duties specified in Exhibit A which is attached and incorporated into this grant
contract agreement.
2.2 Include in any contract and sub-grant, including the Loan Agreement with the Borrower, in
addition to provisions that define a sound and complete agreement, such provisions that
require contractors, sub-grantees and the Borrower to comply with applicable state and
federal laws.
2.3 Job Listing Agreements. Minn.Stat.§116L.66,subd.1, requires a business or private enterprise
to list any vacant or new positions with the state CareerForce Center if it receives more than
$200,000 a year in grants from the State. If applicable,the business or private enterprise shall
list any job vacancy in its personnel complement with CareerForce at vvmnyxareeu fur °em mc::r�,i
as soon as it occurs.
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2.4 Ensure that all contractors and subcontractors performing work covered by this Grant are paid
for their work that is satisfactorily completed. The Grantee's sole obligation pursuant to this
provision relates to contractors or subcontractors directly hired by the Grantee, such as the
City's municipal advisor. The Grantee has no obligation or duty under this Section 2.4 relating
to contractors or subcontractors hired directly or performing work on behalf of the Borrower.
2.5 Grantee shall make all reasonable efforts to collect and shall bear all costs associated with
monitoring,servicing, reporting, and enforcing the terms of the Loan Agreement.
2.6 Comply with required grants management policies and procedures set forth through Minn.
Stat. § 16B.97,Subd.4(a) (1).
3. Time
The Grantee must comply with all of the time requirements described in this grant contract
agreement. In the performance of this Grant,time is of the essence.
4. Consideration of payment
4.1 Consideration.The State will pay the Grantee under this grant contract agreement as follows:
a) Compensation. The Grantee will be reimbursed according to the approved Budget
contained in Exhibit B, which is attached and incorporated into this grant contract
agreement.
b) Travel Expenses. Reimbursement for travel and subsistence expenses actually and
necessarily incurred by the Grantee as a result of this grant contract agreement will
not exceed $0.00; provided that the Grantee will be reimbursed for travel and
subsistence expenses in the same manner and in no greater amount than provided in
the current "Commissioner's Plan" promulgated by the Commissioner of Minnesota
Management and Budget(MMB). The Grantee will not be reimbursed for travel and
subsistence expenses incurred outside Minnesota unless it has received the State's
prior written approval for out of state travel. Minnesota will be considered the home
state for determining whether travel is out of state.
Total Obligation. The total obligation of the State for all compensation and
reimbursement to the Grantee under this grant contract agreement will not exceed
$450,000.
4.2 Payment Request.The State will disburse funds to the Grantee pursuant to this grant contract
agreement, based upon payment requests submitted by the Grantee and reviewed and
approved by the State.All funds must be disbursed within a twelve-month period of the Initial
Disbursement Date with a maximum of three disbursements. Payment requests must be
accompanied by supporting invoices that relate to the activities in the approved budget and
the documentation detailed in Section 4.4 of this grant contract agreement. The State will
provide payment request forms.
If the Grantee has received invoices from the Borrower for expenditures made after Effective
Date of this grant contract agreement but before the Grant is closed or until all funds are
disbursed,whichever is earlier,the Grantee shall submit those invoices to the State for review
and approval no later than 25 days after the end date of the state fiscal year of June 30th. To
ensure that all funds are drawn down by the expiration date of the grant contract agreement,
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all Grantee payment requests must be received by the State at Fast 30 days prior tot e
Expiration ate.
4.3 Contr i Bidding e ire tsa Per Minn.Sa . §471.345,grantees that are
municipalities as defined in Subd. 1 mustfollow e law.
Or projects that include construction wor of$25,000 or more, prevailing wage rules apply
per Minn.S a .§§177.41 through177.44 consequently,the bid request st state the project
is subject to prevailing wage.These rules require that the wages of laborers and workers should
e comparable to wages paid for similar o in the community as a whole.
The provisions of this Section 4.3 shall apply to contracts for supplies, materials,
equipment Or the rental thereof,or the construction,alteration, repair Or maintenance of real
or personal property entered into directly by the Grantee. This Section is not applicable to
contracts for supplies, materials, equipment contracts for supplies, materials, equipment or
e rental thereof, or the construction, alteration, repair or maintenance of real Or personal
property entered into by the Borrower.
The grantee must not contract with vendors who are suspended or debarredin
lm rynn aIiwnhu !vate.iT m�ur " ,
4.4 Documentation. The following information must be submitted and approved by the State
Bore funs will be release
a ts® Minnesota Investment Fund Loan Agreement. funds are drawn
prior to the Compliance Date a promissory note, personal guarantees, collateral, and
evidence of security films will be required.
} Lender Documents. Documentation that participating ers and Orequity injections
have closed On their financing:
} Promissory note(s)for$24,510,550 from ers Bank
} Evidence of equity injection in teamount o $6,272,640
c} Invoices. Invoices Or other oc en a io as approved y DEED LoanOfficer for
$450,000 MIFei rse e t costs and $$450,000 in matching costs. Third party
verification of additional leverage costs for project expenses identified in Exhibit B i
the amount of$30,333,190 will be required rior tote Compliance Date.
} Eligible Costs. Eligible costs include the costs identified in ExhibitOft is grant contract
agreement a are incurred during the contract period for equipment or real estate in
e corporate boundaries Of the Grantee.
5. Conditions
All services provided by the Grantee under this grant contract agreement mus e performed to
e ate's satisfaction, as determined at the sole discretion of the Sate's Authorized
Representative and in accordance with all applicable a eral, state and local laws, ordinances,
rules and regulations. The Grantee will not receive payment for work foundthe State to be
satisfactory or performed in violation of federal,state or local law.
The State will not authorize disbursement of funds if there has been any adverse change in the
Borrower's financial condition, organization, operations, or their ability to repay the project
financing. un s must be disbursed tote Borrower within 21 days of receipt of MIF money.
® Authorized Representative.
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The State's Authorized Representative is Muhubo Malin, Loan Officer, 15t National Bank Building,
332 Minnesota Street,Suite E200,St. Paul, MN 55101,651-259-7426,
Muhubo.malin@state.mn.us, or his/her successor,and has the responsibility to monitor the
Grantee's performance and the authority to accept the services provided under this grant
contract agreement. If the services are satisfactory,the State's Authorized Representative will
certify acceptance on each payment request form submitted for payment.
The Grantee's Authorized Representative (Staff Contact) is Adam Nafstad, City Administrator,5959
Main Ave NE,Albertville, MN 55301, cw iii ,µ��miicy (763)497-3384 x100,or his/her
successor. If the Grantee's Authorized Representative changes at any time during this grant contract
agreement,the Grantee must immediately notify the State.
7. Assignment,Amendments,Waiver,and Grant Contract Agreement Complete
7.1 Assignment. The Grantee shall neither assign nor transfer any rights or obligations under this
grant contract agreement without the prior written consent of the State, approved by the
same parties who executed and approved this grant contract agreement, or their successors
in office.
7.2 Amendments. Any amendment to this grant contract agreement must be in writing and will
not be effective until it has been executed and approved by the same parties who executed
and approved the original grant contract agreement,or their successors in office.
7.3 Waiver. If the State fails to enforce any provision of this grant contract agreement, that
failure does not waive the provision or the State's right to enforce it.
7.4 Grant Contract Agreement Complete. This grant contract agreement contains all
negotiations and agreements between the State and the Grantee. No other understanding
regarding this grant contract agreement,whether written or oral, may be used to bind either
party. Where provisions of the Application are inconsistent with the other provisions of this
grant contract agreement, the other provisions of this grant contract agreement will take
precedence over the provisions of the Application.
8. Liability
The Grantee must indemnify, save, and hold the State, its agents, and employees harmless from
any claims or causes of action, including attorney's fees incurred by the State, arising from the
performance of this grant contract agreement by the Grantee or the Grantee's agents or
employees.This clause will not be construed to bar any legal remedies the Grantee may have for
the State's failure to fulfill its obligations under this grant contract agreement
9. State Audit
Under Minn. Stat. § 166.98, Subd.B, the Grantee's books, records, documents, and accounting
procedures and practices of the Grantee or other party relevant to this grant contract agreement
or transaction are subject to examination by the State and/or the State Auditor or Legislative
Auditor, as appropriate, for a minimum of seven (7) years from the end of this grant contract
agreement, receipt and approval of all final reports, last payment, or the required period of time
to satisfy all state and program retention requirements,whichever is later.
10. Government Data Practices
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10.1 Government Data Practices. The Grantee and State must comply with the Minnesota
Government Data Practices Act, Minn. Stat. Ch. 13, as it applies to all data provided by the
State under this grant contract agreement, and as it applies to all data created, collected,
received,stored, used,maintained,or disseminated by the Grantee under this grant contract
agreement.The civil remedies of Minn.Stat.§ 13.08 apply to the release of the data referred
to in this clause by either the Grantee or the State. If the Grantee receives a request to release
the data referred to in this Clause,the Grantee must immediately notify the State.The State
will give the Grantee instructions concerning the release of the data to the requesting party
before the data is released. The Grantee's response to the request shall comply with
applicable law.
10.2 Intellectual Property Representations. The Grantee represents and warrants that Grantee's
intellectual property used in the performance of this Grant does not and will not infringe upon
any intellectual property rights of other persons or entities. Notwithstanding Clause 8, the
Grantee will indemnify; defend, to the extent permitted by the Attorney General; and hold
harmless the State, at the Grantee's expense, from any action or claim brought against the
State to the extent that it is based on a claim that all or part of the Grantee's intellectual
property used in the performance of this Grant infringe upon the intellectual property rights
of others.The Grantee will be responsible for payment of any and all such claims, demands,
obligations, liabilities, costs, and damages, including but not limited to,attorney fees. If such
a claim or action arises,or in the Grantee's or the State's opinion is likely to arise,the Grantee
must, at the State's discretion, either procure for the State the right or license to use the
intellectual property rights at issue or replace or modify the allegedly infringing intellectual
property as necessary and appropriate to obviate the infringement claim.This remedy of the
State will be in addition to and not exclusive of other remedies provided by law.
11. Workers'Compensation
The Grantee certifies that it is in compliance with Minn. Stat. § 176.181, subd. 2, pertaining to
workers' compensation insurance coverage. The Grantee's employees and agents will not be
considered State employees. Any claims that may arise under the Minnesota Workers'
Compensation Act on behalf of these employees and any claims made by any third party as a
consequence of any act or omission on the part of these employees are in no way the State's
obligation or responsibility.
12. Publicity and Endorsement
12.1 Publicity. Any publicity regarding the subject matter of this grant contract agreement must
identify the State as a sponsoring agency. For purposes of this provision, publicity includes
notices, informational pamphlets, press releases, research, reports, signs, and similar public
notices prepared by or for the Grantee individually or jointly with others, or any
subcontractors,with respect to the program,publications,or services provided resulting from
this grant contract agreement.All projects primarily funded by state grant appropriation must
publicly credit the State of Minnesota, including on the grantee's website when practicable.
12.2 Endorsement. The Grantee and the Borrower must not claim that the State endorses its
products or services.
13. Governing Law,Jurisdiction,and Venue
Minnesota law, without regard to its choice-of-law provisions, governs this grant contract
agreement. Venue for all legal proceedings out of this grant contract agreement, or its breach,
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must be in the appropriate state or federal court with competent jurisdiction in Ramsey County,
Minnesota.
14. Termination
14.1 Termination by the State. The State may immediately terminate this grant contract
agreement with or without cause, upon 30 days' written notice to the Grantee. Upon
termination, the Grantee will be entitled to payment, determined on a pro-rata basis for
approved costs incurred.
14.2 Termination for Cause. The State may immediately terminate this grant contract agreement
if the State finds that there has been a failure to comply with the provisions of the grant
contract agreement, legal documents required for disbursement have not been executed
within 90 days of execution of this grant contract agreement, that reasonable progress has
not been made or that the purposes for which the funds were granted have not been or will
not be fulfilled. The State may take action to protect the interests of the State of Minnesota,
including the refusal to distribute additional funds and requiring the return of all or part of
the funds already disbursed.
14.3 Termination for insufficient Funding. The State may immediately terminate this grant
contract agreement if:
a) It does not obtain funding from the Minnesota Legislature;
b) Or, if funding cannot be continued at a level sufficient to allow for the payment of the
services covered here. Termination must be by written or electronic notice to the
Grantee. The State is not obligated to pay for any services that are provided after notice
and effective date of termination. However, the Grantee will be entitled to payment
determined on a pro-rata basis, for services satisfactorily performed to the extent that
funds are available. The State will not be assessed any penalty if the contract is
terminated because of the decision of the Minnesota Legislature,or otherfunding source,
not to appropriate funds. The State must provide the Grantee notice of lack of funding
within a reasonable time of the State's receiving that notice.
15. Data Disclosure
Under Minn.Stat.§270C.65,subd.3,and other applicable law,the Grantee consents to disclosure
of its social security number, federal employer tax identification number, and/or Minnesota tax
identification number, already provided to the State, to federal and state agencies and state
personnel involved with the payment of state obligations. These identification numbers may be
used in the enforcement of federal and state tax laws which could result in action requiring the
Grantee to file state tax returns and pay delinquent state tax liabilities, if any.
Other Provisions
16. Conflict of Interest
The State will take steps to prevent individual and organizational conflicts of interest in reference
to Grantees per Minn. Stat. § 166.98 and Department of Administration, Office of Grants
Management, Policy Number 08-01 Conflict of Interest Policy for State Grant-Making. When a
conflict of interest concerning State grant-making is suspected, disclosed, or discovered,
transparency shall be the guiding principle in addressing it.
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In cases where a potential or actual individual or organizational conflict of interest is suspected,
disclosed,or discovered by the Grantee throughout the life of the grant contract agreement,they
must immediately notify the State for appropriate action steps to be taken, as defined above.
The Grantee must complete a Conflict of Interest Disclosure agreement and attach it to their
proposal.
17. Successors and Assignees
This grant contract agreement shall be binding upon any successors or assignees of the parties.
18. Minnesota Business Subsidy Law
This grant contract agreement must comply with the Minnesota Business Subsidy Law, Minn.Stat.
§§ 116J.993-116J.995 as applicable.
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1. STATE ENCUMBRANCE VERIFICATION 3. STATE AGENCY
Individual certifies that funds have been encumbered
as required by Minn. Stat. §§16A.15.
Si g ned: By:
(with delegated authority)
Date: 4/21/21 Title: 'DeDutv Commissioner
Date: April2.2n?l
192698 PR 60970 PO 3000431330
SWIFT Contract/PO No(s)
2. GRANTEE
The Grantee certifies that the appropriate person(s)have
executed the grant contract agreement on behalf of the Grantee as
required by applicable articles, bylaws, resolutions, or
ordinances.
Title: ,,o ..
Date:_ C..
By
Title:
Date:
Distribution:
Agency
Grantee
State's Authorized Representative—Photo Copy
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EXHIBIT A
GRANTEE DUTIES
The Grantee,who is not a State employee,will,
1. Administer the project in accordance with the requirements of the Minnesota Investment Fund
Program, Minn. Stat. § 116J.8731; Minn. Rules, Chapter 4300; and policies and procedures
developed by the State.
2. Enter into a Loan Agreement with the Borrower $450,000, ("LOAN") and assure the following
conditions are included in such Loan Agreement:
2.1 Conditions
a) Loan Term: 5 Years
b) Interest Rate:0.00%
c) Collateral: Equipment
d) The personal guarantees of Casey Darkenwald, Brian Nicholson,and Michael Mergens are
required.
2.2 Job Creation and Wages
a) As of the project award date, the Borrower identified Zero (0) full time equivalent (FTE)
base jobs that must be maintained through the Compliance Date March 01, 2024. If
necessary base job number will be amended following the Effective Date to account for
fluctuation during contract processing periods.
b) The Borrower will create an additional One Hundred Thirty Five (135) permanent non-
contract FTE jobs between the Effective Date and the Compliance Date. Each job created
may be included in only one"wage bracket"as stated below:
(i) Four(4) paying at least$16.83 per hour in cash wages, exclusive of Benefits.The
Borrower is entitled to forgivable loan proceeds in the amount of$2,177 for each
jobs created in this wage bracket,
(ii) Twenty Three(23)paying at least$18 per hour in cash wages,exclusive of Benefits.
The Borrower is entitled to forgivable loan proceeds in the amount of$2,830 for
each jobs created in this wage bracket,
(iii) One Hundred eight (108) paying at least$18 per hour in cash wages, exclusive of
Benefits. The Borrower is entitled to forgivable loan proceeds in the amount of
$3,483 per for each jobs created in this wage bracket,
c) All jobs created through the Compliance Date must pay at least$14.01 per hour,including
Benefits, on the Compliance Date. Benefits are defined as one or more of the following:
health,dental, life and disability insurance,retirement program and profit sharing paid by
the Borrower.
d) If the Borrower fails to meet the job creation and wage goal level commitments on the
Compliance Date,the Grantee may, after approval by the State and after holding a public
hearing, extend the Compliance Date for one year. If the Borrower fails to meet the job
creation goal and wage level commitment by the revised Compliance Date, the award
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amount shall be reduced proportionally on a per job basis, and the Borrower will be
required to repay the Grantee all or a proportional share of the Loan funds on an
accelerated term. If the Borrower is required to repay a proportional share,the amount
shall be determined based upon the "wage bracket"values defined in Section 2.2(b).The
Grantee will then also be required to return to the State all or a proportional share of the
Loan funds. The interest rate on the "accelerated" portion of the loan shall increase as
defined in the Promissory Note.
e) In the event that no jobs are created by the Borrower by the revised Compliance Date, or
all jobs created do not meet the commitment noted in 2.2(c),the Grantee will be required
to return all loan funds to the State on an accelerated basis.
2.3 Payment of Prevailing Wages to Contractors
Minn.Stat. § 116J.871 applies if a business receives$500,000 or more in State loan funds and
the State funds are used for construction, installation (including equipment), remodeling and
repairs.
2.4 Loan Forgiveness
If the job creation goals and wage level commitments detailed in Sections 2.2 in Exhibit A of
this Agreement are met on the Compliance Date,the Loan will be forgiven.
3. Require the Grantee's attorney to review the loan agreement, promissory note, security
agreement, mortgage, guaranty:and/or other documents, if any, considered necessary to secure
the loan to ensure they are valid, binding and enforceable.
4. If applicable, retain 40% of each principal and interest payment made by the Borrower, up to
$100,000. Repay to the State 60%of each principal and interest payment made by the Borrower
until the Grantee has received $100,000 in repayments. Once the Grantee has received $100,000
in repayments, the Grantee will repay the State 100% of every payment on the loan until paid in
full. In the event the loan is not paid in full or job and wage goals in Section 2.2 are not met,
principal and interest the Grantee retains will be reduced proportionally and returned to the State.
5. For any portion of the loan which is repayable under the Loan Agreement or which becomes
repayable pursuant to Section 2.2(d)or(e)of this Exhibit A,the Grantee shall make all reasonable
effort, in consultation with the State, to collect the repayable portion of the loan. if, after all
reasonable effort has been made to collect,the Borrower continues to owe any repayable portion
of the loan,the Grantee will have no obligation to repay the loan to the State from the Grantee's
own funds, notwithstanding any funds owing under Section 4 of this Exhibit A.The Grantee shall
continue to be obligated to remit to the State any loan funds that may be recovered from the
Borrower in the future.
6. The Grantee will establish and maintain a revolving loan fund (RLF) consistent with Minn. Stat. §
116J.8731 Minnesota Investment Fund; Minnesota Rules Chapter 4300; and policies and
procedures developed by the State and the State RLF Guidelines published by DEED. The Grantee
must retain financial control and decision making authority regarding the use of repayments from
the loan. Upon approval by the State, the Grantee may loan or grant money from its RLF to a
regional development commission, or other regional entity, or statewide community capital fund
to capitalize or to provide the local match required for capitalization of a regional or statewide RLF.
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7. Reporting
a) Minnesota Investment Fund Annual Progress Reports
) Submit to the State annual progress reports on forms provided by the State until the
project goals have been met or until the Compliance Date, whichever is later. These
reports must be submitted January 251h of each year for the period ending December
31,for as long as the project remains open. A final Progress Report is required within
25 days of the Compliance Date.
(a) January 25,2022;for the period ending December 31,2021;
(b) January 25,2023;for the period ending December 31, 2022;
(c) January 25,2024;for the period ending December 31,2023;
(d) Twenty-five days after the Compliance Date.
2) Funds will not be disbursed on any Grant with past due progress reports per OGM
Policy 08-09.
3) The final report must be submitted no later than 25 days after the Compliance Date.
4) The State,at its discretion, may require the submittal of additional progress reports.
5) Information required in these reports may include,but is not limited to the following:
# Permanent jobs created * Hourly base wage Date of hire
•Job titles * Hourly value of benefits e, Benefits provided
• Project expenditures *Status of project Status of payments
• Payroll Report
b) Minnesota Business Assistance Form (MBAF) Reports
1) Submit to the MN Department of Employment and Economic Development, Office of
Economic Analysis,no later than April V of each year until the project goals have been
met, but not less than two years.
8. Keep financial records, including properly executed contracts, invoices, receipts, vouchers, and
other documents sufficient to evidence in proper detail the nature and propriety of the
expenditures made pursuant to this grant contract agreement. Accounting methods must be in
accordance with generally accepted accounting principles.
9. Complete the project in accordance with the approved budget within the time frames specified in
this grant contract agreement.
10. Promptly notify the State of any proposed material change in the scope of the project, budget or
completion date,which must be approved by the State, prior to implementation.
11. Have on file the necessary documentations to show that all project funds have been used for the
items stated in the application.
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Exhibit B
Approved Budget
Use of Funds MIF Bank Equity City Other Total
Property Acquisition $6,272,640 $6,272,640
Site Improvement $0
Building Renovation $0
Construction $16,217,819 $16,217,819
Machinery&Equip. $450,000 $3,500,000 $3,950,000
Other $4,792,731 $4,792,731
Total $450,000 $24,510,550 $6,272,640 $0 $0 $31,233,1901
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