Agenda - Economic Development Authority - 10/09/2025

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"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: October 14, 2025, or the date the State obtains all required signatures, whichever is later. Per Minnesota Statutes § 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 Minnesota Statutes § 16B.98 Subd. 7, no payments will be made to the Grantee until this Grant Contract Agreement is fully executed. 1.2 Benefit Date: October 15, 2026 1.3 Compliance Date: October 15, 2028 1.4 Expiration Date: January 2, 2029, or until all obligations have been satisfactorily fulfilled, whichever occurs first. 1.5 Survival of Terms. The following clauses survive the expiration or cancellation of this Grant Contract Agreement: Liability; State Audits; Government Data Practices and Intellectual Property; Publicity and Endorsement; Governing Law, Jurisdiction, and Venue; and Data Disclosure. 2 Specifications, Duties and Scope of Work The parties will perform the services outlined in Exhibit A: Specifications, Duties, and Scope of Work. 3 Time The Grantee must comply with all the time requirements described in this Grant Contract Agreement. In the performance of this Grant Contract Agreement, time is of the essence and failure to meet a deadline date may be a basis for a determination by the State's Authorized Representative that the Grantee has not complied with the terms of the Grant Contract Agreement. The Grantee is required to perform all the duties cited within clause two "Specifications, Duties, and Scope of Work" within the grant period. The State is not obligated to extend the grant period. 4 Consideration and Terms of Payment 4.1 Compensation. The total obligation of the State under this Grant Contract Agreement, including all compensation and reimbursements, is not to exceed $350,000, which shall be paid in accordance with the terms outlined in Exhibit B: Approved Budget, which is attached and incorporated into this Grant Contract Agreement. 4.2 Administrative Costs. Grantee administrative costs must be necessary and reasonable and will not exceed $0.00. 4.3 Travel Expenses. Reimbursement for travel and subsistence expenses actually and necessarily incurred by the Grantee because of this Grant Contract Agreement will not exceed $0.00. The Grantee will not be reimbursed for travel and subsistence expenses incurred outside Minnesota unless it has GRANT CONTRACT AGREEMENT TEMPLATE FOR COMPETITIVE GRANTS TO MUNICIPALITIES REV 7.01.2025 2