5.1. SR 06-10-2002 - Laserfiche WebLink

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Grantor Value ($) Grantor Value ($) (g) The Company represents that it is not in default on the date hereof on any subsidy agreement entered into by the Company under the Subsidy Law. (h) For its "Job Goals" under this Section 4, the Company covenants that it will cause the Project to provide at least 100 additional new full-time equivalent permanent jobs in the City within two years of the date of the City Certificate of Occupancy for the Project. These jobs must have an average annual salary of at least $42,000, or approximately $21.00 per hour, exclusive of benefits. These jobs must also be "new" jobs to the City of Elk River, meaning jobs provided by employers not located in the City at any time prior to occupying space in the Project. The foregoing requirement also means that future jobs at the Project provided by employers which are or were located in the City (e.g., John Oliver & Associates, Inc.) may be counted toward meeting the 100 new job requirement. Such "new" jobs created at the Project by employers presently located in the City must be evidenced by completion of the attached Exhibit A at the time of occupancy to the Project and again at the required filing date. (i) The Company shall complete and file with the City from time to time the report in the form of the attached Exhibit A. The Subsidy Law provides that if the Company does not make such reports, when due, the City must mail the Company a warning within one week of the required filing date, and if, after 14 days after the postmark date of that warning, the Company continues to fail to report, then the Company is required to and shall pay the City a penalty of $100 for each subsequent day until the report is filed, up to a maximum of $1,000. The Company shall file these reports with the City, in care of the City's Economic Development Director, on March 1 of each of the years 2004 and 2005, or until the job goals stated in Section 4(h) above are met, whichever is later. Each March 1 report shall report on the prior calendar year, and each other report shall report on the period since the last reporting period. (j) This Section 4 is intended to be the "subsidy agreement" required by Section 116J.994, Subdivision 3, of the Subsidy Law. In the event that any provision of this Section 4 is inconsistent or in conflict with any provision of the Subsidy Law, and in the event that any provision of the Subsidy Law provides additional requirements, the provisions of the Subsidy Law shall apply and govern. In addition to all reporting obligations of the Company under this Section 4 and Exhibit A, the Company agrees to provide the City with any additional information which may be required in order for the City to comply with its reporting requirements, as they may exist or be amended from time to time, under the Subsidy Law. * Would add Sherbume County property tax abatement ($200,000 requested), if granted. 1410047vl 3