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3. Amendment to Section 3.8(1) of the Agreement. Section 3.8(1) of the <br /> Agreement is amended to read as follows: <br /> (1) In order to satisfy the provision of Minnesota Statutes, section I I6J.993 to <br /> 116J.995 (the"Business Subsidy Act"),the Developer acknowledges and agrees that the <br /> amount of the"Business Subsidy" granted to the Developer under this Agreement is the <br /> value of a portion of the Tax Abatement Property, which is approximately$195,000.00, <br /> and that the Business Subsidy is needed because the Project is not sufficiently feasible for <br /> the Developer to undertake without the Business Subsidy. The public purpose of the <br /> Business Subsidy is to increase the tax base in the City. The Developer agrees that they <br /> will meet the following goals (the"Goals"): it will create at least thirteen(13)full time <br /> jobs in connection with the development of the Development Project at a wage of at least <br /> $15.00 per hour,which includes benefits not required by law,prior to the date of this <br /> Amendment. Developer represents that these Goals have been met. <br /> 4. Amendment to Section 3.8(2) of the Agreement. Section 3.8(2) of the <br /> Agreement is amended to read as follows: <br /> (2) If none of the Goals are met,the Developer agrees to repay all of the <br /> Business Subsidy to the City,plus interest("Interest") set at the implicit price deflator <br /> defined in Minnesota Statutes, Section 275.70, subd. 2, accruing from and after the <br /> Benefit Date, compounded semi-annually. If the Goals are met in part,the Developer <br /> will repay a portion of the Business Subsidy(plus Interest from the Benefit Date) <br /> determined by multiplying the Business Subsidy by a fraction,the numerator of which is <br /> the number of jobs in the Goals which were not created at the wage level set forth above <br /> and the denominator of which is thirteen(13) (i.e. number of jobs set forth in the Goals). <br /> 5. Enforcement.Developer shall reimburse the City for costs incurred in the <br /> enforcement of the Agreement and this Amendment, including reasonable attorney's fees. <br /> Developer shall pay in full all bills submitted to it by the City within thirty(30) days after <br /> receipt. Bills not paid within thirty(30) days shall be subject to an eight percent(8%)per annum <br /> interest charge. <br /> 6. Indemnification. The Developer shall hold harmless and indemnify the City and <br /> its governing body members, officers, agents, servants and employees,from any claims, <br /> 1742530 3 <br />