Form Sfn 59686 - Business Incentive Agreement - North Dakota Department Of Commerce Page 3
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4SFN 59686 (04/2012)
Page 3
Business Owners or Shareholders
List the names and addresses of any individuals or shareholders owning twenty percent (20%) or more of this business.
Owner or Shareholder
Mailing Address
City
State
Zip
In addition to meeting the goals outlined in this document, the RECIPIENT agrees to the following terms as specified by N.D.C.C. §54-
60.1:
1.
The RECIPIENT shall continue operation in the jurisdiction in which the business incentive is used for five years or more after the
benefit date.
2.
RECIPIENT reports requesting current job, wage and benefit information will be mailed to the RECIPIENT by the GRANTOR. The
RECIPIENT shall complete, sign and return this annual recipient report to the GRANTOR on or before March 1 of each year for two
years or until the goals specified in the Business Incentive Agreement have been met, whichever is later.
th
If no report is received by March 8
, the GRANTOR shall mail the RECIPIENT a warning letter. The RECIPIENT then has 14 days
from the postmarked date of that warning letter to file a report. If the recipient report is still not received, the RECIPIENT agrees to
pay $100 to the GRANTOR for each subsequent day until the report is filed. The maximum penalty under this section may not
exceed one thousand dollars ($1,000).
3.
If, after 2 years, the job and compensation goals listed in this document are not met, the RECIPIENT shall continue to provide
recipient reports to the state grantor until the incentive is repaid. At a minimum, a recipient that fails to meet business incentive
agreement goals shall pay back the value of the incentive to the GRANTOR prorated to reflect any partial fulfillment of the job and
compensation goals. There is an exception to this financial obligation for any unmet goals that result from an act of God or
terrorism.
4.
This Business Incentive Agreement shall only be modified or extended by the GRANTOR pursuant to N.D.C.C. §54-60.1-04.
5.
If the terms of this Business Incentive Agreement are not met, RECIPIENT shall not receive a business incentive from any
GRANTOR for a period of five years from the date of failure or until RECIPIENT satisfies its repayment obligation.
By signing this document, RECIPIENT agrees to the terms noted herein, verifies that it has not failed to meet the terms of
any business incentive agreement in the last five years and confirms that it has disclosed, in Attachment “A” of this
agreement, all additional financial assistance received from state or political subdivision GRANTORS for this project.
GRANTOR
RECIPIENT
Authorized Signature
Authorized Signature
Title
Title
Date
Date
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