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_ JUN. b. ZUU 1 & ASQVUCIAItS N0, 4497 P. 4 <br /> L N]�5ii <br /> A- <br /> 0 Hold a public bearing. If the amount of the business subsidy exceeds S 100,000,the Grantor must hold a public hearing. <br /> The Statutes contains specific requirements for publishing the notice of hearing. If the recipient of a business subsidy <br /> will receive assistance from more than one local grantor,then a single grantor may hold the public hearing. <br /> Are there ongoing responsibilities? <br /> The Statutes establishes a set of subsidy reporting procedures. The recipient of the assistance is required to provide <br /> information to the grantor for two years after the benefits date or until the goals are met, whichever is later. The Statute <br /> requires reporting for certain types of assistance that are otherwise excluded from the definition of business subsidy. The <br /> information shall be reported on forms developed by DTED. The Statutes create penalties for failure to provide the <br /> appropriate reports. <br /> The Statutes create additional reporting requirements for the Grantor. All local government agencies of a local government <br /> with a population of more than 2,500,regardless of whether or not they have awarded any business subsidies,must file a <br /> report by April 1 of each year with the Commissioner of Trade and Economic Development. Local government agencies of <br /> a local government with a population of 2,500 or less are exempt from filing this report if they have not awarded a business <br /> subsidy in the past five years. <br />