Agenda - Economic Development Authority - 10/09/2025

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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. 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. 4.4 Payments. A. Requests for Reimbursement. The State will disburse funds to the Grantee pursuant to this Grant Contract Agreement, based upon payment requests for reimbursement 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 as defined in the Loan Agreement with a maximum of three disbursements. Payment requests for reimbursement must be accompanied by supporting invoices that relate to the activities in the approved budget and the documentation detailed in Section B below. The State will provide payment request forms for reimbursement. 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 30t". To ensure that all funds are drawn down by the Expiration Date of the Grant Contract Agreement, all Grantee payment requests for reimbursement must be received by the State at least 30 days prior to the Expiration Date. B. Documentation The following information must be submitted and approved by the State before funds will be released: (1) Loan Documents Minnesota Investment Fund Loan Agreement, promissory note, amortization schedule, corporate guaranty of Zero Zone, Inc. and evidence of security filings, (security agreement with UCC filing). (2) Lender Documents Documentation that participating lenders and or equity injections have closed on their financing: (a) Promissory note for $10,290,000 from US Bank. (b) Evidence from city of RamseyTlF in the amount of $360,000. (3) Invoices Invoices or other documentation as approved by DEED Loan Officer for $350,000 MIF reimbursement costs and $350,000 in matching costs. Third party verification of additional leverage costs for project expenses identified in the budget above in the amount of $10,300,000 will be required at or prior to the Compliance Date. (4) Eligible Costs Eligible costs include the costs identified in the budget above that are incurred during the Grant Contract Agreement period for equipment or real estate in the corporate boundaries of the Grantee. GRANT CONTRACT AGREEMENT TEMPLATE FOR COMPETITIVE GRANTS TO MUNICIPALITIES REV 7.01.2025