CC PACKET 09071999 - Laserfiche WebLink

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goals through information that is required to be submitted by the recipient for 2 years 4- 3 or until their goals are met,whichever is longer. The law requires that the recipient must . continue to report back to the City even if the goals are not met and until the subsidy is repaid. Again, the forms that the recipient will use to provide subsidy information will be developed by the Commissioner and City representatives. This report must be filed no later than March 1 of each year for the previous year and within 30 days after the deadline for meeting job and wage goals. If the City does not receive the recipient's report, the City must mail a warning to the recipient within one week of the filing date. The law allows that if, after 14 days of the postmarked date of the warnin-9, the recipient fails to provide the required report, the recipient must pay the City a penalty of$100 for each day that the report is not received until the report is filed. The maximum penalty that the City can assess is $1,000. Copies of completed forms must be sent to the commissioner's office and the City. Cities of more than 2,500 must file a report with the commissioner by April 1 of each year regardless if the city has or has not awarded any business subsidies in the previous year. If a city fails to comply with the reporting requirements, the Commissioner will issue a written warning. The city must comply by June land if the city fails to meet this deadline, no business subsidies may be awarded until the city's report has been filed. . As part of the report that the City will be required to file, the City must report a list of recipients that did not complete the report; recipients that have not met their job and wage goals within 2 years; and the steps being taken to bring them into compliance or to recoup the subsidy. These requirements are in effect August 1, 1999 and pertain only to those business subsidies entered into on or after this date.