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EXHIBIT D <br /> <br />BUSINESS SUBSIDY REPORT <br /> <br />Report by SoftPac, as Recipient of Business Subsidy <br /> <br /> This report is required by Section 3.5 of that certain <br />Development Assistance Agreement, dated as of August 28, 2000 (the <br />"Agreement"), among the City of Elk River, Minnesota (the "City"), <br />Opus Northwest, L.L.C., and SoftPac, Inc. ("SoftPac"), and as <br />required by Minnesota Statutes, Section 116J.994, Subdivision 7, as <br />amended. Capitalized terms which are used but not otherwise <br />defined in this report have the meanings given to those terms under <br />the Agreement. <br /> <br /> The City has under the Agreement granted a certain business <br />subsidy to SoftPac. <br /> <br /> Under the Agreement, SoftPac is required to file reports with <br />the City's Director of Economic Development (1) on March 1 of each <br />year, beginning with the March 1 immediately following the date of <br />the Certificate of Completion, being referred to herein as the <br />Benefit Date, and (2) within 30 days after the Compliance Date, <br />namely, the date which is two years after the Benefit Date. Each <br />March 1 report is required to report on the prior calendar year, <br />and each other report shall report on the period since the last <br />reporting period. <br /> <br /> SoftPac's Jobs Goals under Section 3.5 of the Agreement are to <br />create at the Project 60 permanent full-time equivalent jobs within <br />two years from the Benefit Date. These jobs are required to have <br />a wage of at least $10.00 per hour, exclusive of benefits. <br /> <br />SoftPac hereby certifies to the City the following: <br /> <br /> (1) As provided in the Agreement, the fair market value <br />of the subsidy is estimated to be $700,000, the type of <br />subsidy is tax increment financing from an "economic <br />development" tax increment district in the form of deferred <br />reimbursement, with interest, of certain land acquisition <br />costs, and 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 /> (2) The hourly wage of each permanent full-time <br />equivalent job which has been created by SoftPac at the <br />Project since the Benefit Date, with separate bands of wages, <br />are as follows: <br /> <br />~98072.2 D-1 <br /> <br /> <br />