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(d) This Agreement shall not create nor be construed to <br />create any partnership, joint venture, agency, or employment <br />relationship between the Parties. <br /> <br />Section 3.4. Certificate of Completion. <br /> <br /> (a) Promptly after completion of the Improvements in <br />accordance with the provisions of this Agreement, and upon <br />written request made to the City by the Company, the City will <br />execute the Certificate of Completion in the form attached <br />hereto as Exhibit C, which shall then be a conclusive <br />determination of satisfaction and termination of the <br />agreements and covenants in this Agreement with respect to the <br />completion of the Improvements. The following shall be <br />conditions precedent to the City's obligation to execute the <br />Certificate of Completion: <br /> <br /> (i) There shall exist no Event of Default <br />hereunder, and the Improvements shall have been <br />completed in substantial conformity to the terms of <br />this Agreement; and <br /> <br /> (ii) The City shall have issued a Certificate <br />of Occupancy for all of the Improvements. <br /> <br /> (b) If the City determines that it cannot execute the <br />Certificate of Completion, it shall, within 20 days after <br />written request therefor, provide a written statement <br />indicating in adequate detail why it cannot do so and also <br />indicating what measures or acts it will be necessary to be <br />taken or performed in order to permit execution of the <br />Certificate of Completion. <br /> <br /> Section 3.5. Business Subsidy Agreement; Possible Repayment <br />of Assistance. The City, the Company and SoftPac recognize and <br />agree that the assistance under this Agreement is a "business <br />subsidy,, under Minnesota Statutes, Sections 116J.993 through <br />116J.995, as amended (the "Subsidy Law"), and is subject to the <br />provisions thereof, including without limitation reporting <br />requirements and five year commitment by SoftPac. <br /> <br />Accordingly, it is agreed: <br /> <br /> (a) The estimated fair market value of the subsidy is <br />$700,000. The type of the subsidy is tax increment financing <br />from an "economic development,, tax increment district in the <br />form of deferred reimbursement, with interest, via the TIF <br />Bond, of land acquisition expenses. <br /> <br /> (b) The public purposes of the subsidy are to further <br />development of the City's industrial and tax base and to <br />create jobs. <br /> <br />1198072 .2 9 <br /> <br /> <br />