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extended the time period to meet the job creation goals under the Agreement for an additional 2 <br /> years("Second Extension"); <br /> E. As a result of the down-turn in the economy following the execution of the <br /> Agreement,Developer indicates that,following the Second Extension,it is still unable to meet <br /> the job creation goals under the Agreement. <br /> F. The City has determined,based on records provided by Developer,that Developer <br /> was able to create a total.of 13 jobs at the required wage rate during 2010. <br /> G. The City ceased payments of tax abatements to developer under the Agreement <br /> after the expiration of the Second Extension; <br /> H. To date,Developer has received$126,898.12 of tax abatement under the terms of <br /> the Agreement. <br /> I. The parties desire to amend the Agreement to reduce the job and wage Goals to <br /> 13 full time jobs at a wage rate of$15,including benefits not required by law and to reduce the <br /> Business Subsidy accordingly. <br /> NOW,THEREFORE,the parties agree as follows: <br /> 1. Representations and Warranties of the Developer. The Developer represents <br /> and warrants that during the term of the Agreement and the extensions to the Agreement,it has <br /> created a total of 13 full time jobs at a minimum wage rate of$15.00 per hour,including benefits <br /> not required by law,which constitutes 65%of the Goals under the term of the Agreement. <br /> 2. Amendment to Section 3.1(2)of the Agreement. Section 3.1(2)of the <br /> Agreement is amended to read as follows: <br /> (2) The City shall reimburse Developer for construction costs of the Project located <br /> on the Tax Abatement Property for costs actually incurred in an amount not to exceed <br /> $195,000.00(the"Reimbursement Amount")pursuant to the Abatement Program in <br /> Section 3.9. <br /> 174253v4 2 <br />