6.9 EDSR 01-21-2014 - Laserfiche WebLink

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3. Amendment to Section 3.8(1)of the Agreement. Section 3.8(1)of the Agreement is amended to read as follows: (1) In order to satisfy the provision of Minnesota Statutes, section 116J.993 to 116J.995(the"Business Subsidy Act"),the Developer acknowledges and agrees that the amount of the"Business Subsidy"granted to the Developer under this Agreement is the value of a portion of the Tax Abatement Property,which is approximately$195,000.00, and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to increase the tax base in the City. The Developer agrees that they will meet the following goals(the"Goals"): it will create at least thirteen(13)full time jobs in connection with the development of the Development Project at a wage of at least $15.00 per hour,which includes benefits not required by law,prior to the date of this Amendment. Developer represents that these Goals have been met. 4. Amendment to Section 3.8(2)of the Agreement. Section 3.8(2)of the Agreement is amended to read as follows: (2) If none of the Goals are met,the Developer agrees to repay all of the Business Subsidy to the City,plus interest("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70,subd. 2,accruing from and after the Benefit Date,compounded semi-annually. If the Goals are met in part,the Developer will repay a portion of the Business Subsidy(plus Interest from the Benefit Date) determined by multiplying the Business Subsidy by a fraction,the numerator of which is the number of jobs in the Goals which were not created at the wage level set forth above and the denominator of which is thirteen(13)(i.e.number of jobs set forth in the Goals). 5. Enforcement.Developer shall reimburse the City for costs incurred in the enforcement of the Agreement and this Amendment,including reasonable attorney's fees. Developer shall pay in full all bills submitted to it by the City within thirty(30)days after receipt. Bills not paid within thirty(30) days shall be subject to an eight percent(8%)per annum interest charge. 6. Indemnification. The Developer shall hold harmless and indemnify the City and its governing body members,officers,agents, servants and employees,from any claims, 174253v4 3