A business shall enter into an agreement with the department specifying the requirements that must be met to confirm eligibility pursuant to section 15.384. The department shall consult with the community during negotiations relating to the agreement. The agreement shall contain, at a minimum, the following provisions:
1. A business that is approved to receive incentives shall, for the length of the agreement, certify annually to the community and the department the compliance of the business with the requirements of the agreement.
2. The repayment of incentives by the business if the business has not met any of the requirements of this part or the resulting agreement.
3. If a business that is approved to receive incentives under this part experiences a layoff within the state or closes any of its facilities within the state, the department shall have the discretion to reduce or eliminate some or all of the incentives. If a business has received incentives under this part and experiences a layoff within the state or closes any of its facilities within the state, the business may be subject to repayment of all or a portion of the incentives that it has received.
2003 Acts, ch 125, §6
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