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EXHIBIT A <br /> <br />BUSINESS SUBSIDY REPORT <br /> <br />Report by Elk Path, LLC, as Recipient of Business Subsidy <br /> <br /> This report is required by Section 4 of that certain Abatement Agreement, dated as of <br />June 10, 2002, (the "Agreement"), between the City of Elk River, Minnesota (the "City"), and <br />Elk Path, LLC, a Minnesota limited liability company (the "Company"), and as required by <br />Minnesota Statutes, Section 116J.994, Subdivision 7, as amended. Capitalized terms which are <br />used but not otherwise defined in this report have the meanings given to those terms under the <br />Agreement. <br /> <br /> The City has under the Agreement granted a certain business subsidy to the Company, <br />consisting of up to $200,000 of City property tax abatements on the Company's approximately <br />42,000 square foot professional office building in the City (the "Project"). <br /> <br /> Under the Agreement, the Company is required to file reports with the City's Economic <br />Development Director on March 1 of each of the years 2004 and 2005, or until the job goals <br />stated hereinbelow have been met, whichever is later. Each report is required to report on the <br />prior calendar year, and each other report shall report on the period since the last reporting <br />period. <br /> <br /> The Company's Jobs Goals under Section 4 of the Agreement are to create at the Project <br />at least 100 new additional permanent full-time equivalent jobs in the City within two years of <br />the date of the City's Certificate of Occupancy for the Project (the "Benefit Date"). These jobs <br />are required to have an average annual salary of at least $42,000, or approximately $21.00 per <br />hour, exclusive of benefits. <br /> <br />The Company hereby certifies to the City the following: <br /> <br /> (1) As provided in the Agreement, the fair market value of the subsidy is <br />estimated to be $200,000, the type of subsidy is a property tax abatement and the public <br />purposes of the subsidy are to further development of the City's commercial and tax base <br />and to create jobs. <br /> <br /> (2) The hourly wage of each permanent full-time equivalent job which has <br />been created at the Project since the Benefit Date, with separate bands of wages, are as <br />follows: <br /> <br />Number of Jobs <br /> <br />Wage Level per Hour <br /> <br />1410047vl A-1 <br /> <br /> <br />