1997 Minnesota Code
Chapters 466A - 470 Local Economic Development
Chapter 469 Economic Development
Section 469.307 Recapture.

469.307 Recapture.

Subdivision 1. Termination of operations; other violations. Any business that receives an incentive grant under section 469.305 and ceases to operate or otherwise violates the criteria for obtaining the grant for its facility located within the enterprise zone within seven years after the first receipt of a grant by the business shall repay the portion of the grant received as provided in the following schedule:

Termination of Operations Repayment of Portion or Other Violations

Less than two years 100 percent

Between two years and four years 75 percent

Between four years and seven years 50 percent

More than seven years 0 percent

Subd. 2. Repayment. The repayment must be paid to the state. The amount repaid must be credited to the amount certified as available for incentive grants in the zone under section 469.305.

Subd. 3. Lien. If an event occurs that creates an obligation under subdivision 1 to repay all or part of the incentive grant, the repayment obligation immediately becomes a lien against the business' real and personal property located in Minnesota, including the property of subsidiaries, parents, and related corporations. A lien against real property under this subdivision has the same legal effect and must be collected in the same manner as unpaid real property taxes.

HIST: 1994 c 587 art 12 s 18; 1995 c 256 s 13