Agenda - Economic Development Authority - 09/08/2004

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PAGE 3 8. Repayment proposal: (required for RLF only) A proposal demonstrating repayment capabilities. 9. Job development: Minnesota law requires the city to report wage level and job creation goals in which economic assistance has been given to an applicant. The city/EDA has determined that all applicants of any assistance must provide information regarding wage and job goals. 10. Additional information: Applicant may be asked to provide additional information to staff or EDA. Ali information and documentation must be submitted to staff at least ten days in advance of EDA consideration for review and comment. MAINTAINING DOCUMENTATION The city will maintain a filing system containing all documentation included in the application process. This includes, but is not limited to, the required information set forth herein. It is the city's position that all information contained in the applicant's file is public information and protected under the Minnesota Data Practices Act (Minn. Statute 13.62). Under Minn. Stat. 13.62, the following economic assistance data collected by cities in their administration of the Economic Development Assistance program are classified as non public data. 1. Application data, except company names, addresses, and other data that identify the applicant, until the City approves the application. 2. Application data, except company names, addresses, and other data that identify the applicant, that pertain to companies whose applications have been disapproved. 3. Attachments to application including, but not limited to, business and personal financial records, until the application is approved. 4. Income tax returns, either personal or corporate, that are filed by applicants. 5. Correspondence between the program administrators and the applicant until the application has been approved or disapproved. Therefore, once and application has been approved, all data is public except any filed income tax returns, whether personal or corporate. However, once an application has been disapproved, application data, except company names, addresses and other data that identify the applicant, remains public. As required by the Minnesota Subsidies' Law, certain assistance provide to a business must be reported to the Department of Trade and Economic Development on forms provide by the State of Minnesota. The applicant must provide information regarding jobs created and wages paid.