Agenda - Economic Development Authority - 10/09/2025

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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. 7 Reporting Requirements 7.1 Minnesota Investment Fund Annual Progress Reports (a) 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 25th 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. (i) June 25, 2026, for the period ending December 31, 2025. (ii) January 25, 2027, for the period ending December 31, 2026. (iii)January 25, 2028, for the period ending December 31, 2027. (iv) Twenty-five days after the Compliance Date. (b) Funds will not be disbursed on any Grant with past due progress reports per OGM Policy 08- 09. (c) The final report must be submitted no later than 25 days after the Compliance Date. (d) The State, at its discretion, may require the submittal of additional progress reports. (e) Information required in these reports may include, but is not limited to the following: • Permanent jobs created • Hourly base wage • Job titles • Hourly value of benefits • Project expenditures • Status of project • Payroll report 7.2 Minnesota Business Assistance Form (MBAF) Reports Submit to the MN Department of Employment and Economic Development, Office of Economic Analysis, no later than April 1st 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 for a period of six years. Accounting methods must be in accordance with generally accepted accounting principles. • Date of hire • Benefits provided • Status of payments 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. GRANT CONTRACT AGREEMENT TEMPLATE FOR COMPETITIVE GRANTS TO MUNICIPALITIES REV 7.01.202 5 12