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(c) For purposes of Section 116J.994, Subdivision 3, of <br />the Subsidy Law, the goals of the subsidy are completion of <br />the Improvements and leasing thereof to SoftPac for at least <br />five years after the "Benefit Date" of the subsidy, as defined <br />in the Subsidy Law, which is hereby determined to be the date <br />of execution of the Certificate of Completion. <br /> <br /> (d) For purposes of the Subsidy Law, the subsidy shall <br />be considered to be a forgivable loan to SoftPac from the <br />City. It is agreed, as required by Section 116J.994, <br />Subdivision 6, if SoftPac is in default under this Section <br />3.5, subject to any remedial provisions of the Subsidy Law as <br />may be applicable, SoftPac shall be obligated to repay all <br />amounts paid under the TIF Bond (whether for principal thereof <br />or interest thereon) plus interest on all such amounts at the <br />implicit price deflator, as defined under Minnesota Statutes, <br />Section 275.70, Subdivision 2. If SoftPac meets some but not <br />all of its Job Goals hereinafter defined, SoftPac may request <br />in writing, and City may agree in the absolute discretion of <br />the City Council, that the subsidy be repaid by SoftPac pro <br />rata, e.g., if SoftPac created only 50 of the 60 jobs at the <br />Project, SoftPac would repay one-sixth of the assistance paid <br />to SoftPac, plus accrued interest thereon. The subsidy is <br />needed in order to induce SoftPac to lease and occupy the <br />Project in the City. SoftPac covenants that it will continue <br />to lease the Project from the Company for at least five years <br />after the Benefit Date. <br /> <br /> (e) SoftPac represents that it has no parent <br />corporations. <br /> <br /> (f) SoftPac represents that the following are all of the <br />State of Minnesota and "local government agency" grants (other <br />than the subsidy hereunder) to the Project: <br /> <br />Grantor Value ($) <br /> <br />Grantor Value ($) <br /> <br /> (g) SoftPac represents that it is not in default on the <br />date hereof on any subsidy agreement entered into by SoftPac <br />under the Subsidy Law. <br /> <br /> (h) For its "Job Goals" under this Section 3.5, SoftPac <br />covenants that it will provide at the Project 60 full-time <br />equivalent permanent employee positions within two years of <br />the Benefit Date, with these jobs having wage levels of at <br />least $10.00 per hour, exclusive of benefits. <br /> <br />~9s072.2 10 <br /> <br /> <br />