5.12. & 5.13. SR 12-18-1995 - Laserfiche WebLink

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Default is remedied. The Default shall be deemed remedied upon evidence of 41 receipt of payment for real estate taxes from Sherburne County. 6. After reimbursing Developer for the principal sum of Developer's actual Development Costs as defined in this Agreement, or fifteen percent (15%) of the assessed market value of the Project as of January 2, 1997, whichever is less, no further payments shall be due under this Agreement and the City shall request that Sherburne County decertify the TIF District. 7. Developer shall complete construction of the Project by December 31, 1996. Failure to complete construction of the Project by this date shall be an Event of Default under this Agreement and City and EDA shall have the right to terminate this Agreement and their obligations hereunder. 8. Developer shall, prior to January 2, 1997, provide City with evidence acceptable to City of Developer's expenditures for Development Costs. 9. Pursuant to Minnesota Statutes, Section 116J.991, City and EDA have established, and NEOS has agreed, to the following Job Creation and Wage Level Goals (the "Goals "): Job Creation: Wage Level: 10. NEOS agrees to meet the Job Creation and Wage Level Goals on or before September 1, 2000. Failure to meet the Goals by this date shall be a Default under the terms of this Agreement. In addition to such other remedies as City and EDA may have, if NEOS defaults by not meeting the Job Creation and Wage Level Goals, Developer shall immediately repay to City all amounts paid to Developer pursuant to this Agreement. 11. NEOS shall report to EDA no later than September 1st of each year that this Agreement is in effect: • Actual jobs created since first payment received under this Agreement. • Actual average hourly wage paid to employees hired since first payment received under this Agreement. • II,B ,(KW5.t)2 3