1998 Minnesota Statutes

     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