8.4. EDSR 08-08-2005 - Laserfiche WebLink

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A &. • Subsidy is needed because the Project is not sufficientlyfeasible for the Developer to undertake p 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 five (5) full time jobs in connection with the development of the Development Project at an hourly wage of at least $15.00 per hour plus benefits within two years from the "Benefit Date", which is the date the Developer occupies the Project. (2) If the Goals are not met, the Developer agrees to repay all or a part of the Business Subsidy to the City, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will repay a portion of the Business Subsidy (plus Interest) 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 five (5) (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report its progress on achieving the Goals to the Authority until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Section 116J.994, Subdivision 7 of the Business Subsidies Act on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the Authority. The Developer agrees to file these reports no later than . March 1 of each year commencing March 1, 2006, and within 30 days after the deadline for meeting the Goals. The Authority agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the Authority a penalty of$100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations of the Project for at least five (5) years after the Benefit Date. (5) Other than the Tax Abatements and comparable tax abatements from the County, there are no other state or local government agencies providing financial assistance for the Project other than the City and the County. (6) [There is no parent corporation of the Developer.] [ is the parent corporation of the Developer.] Section 3.9 Duration of Abatement Program. The Tax Abatement Program shall exist for a period of up to ten years beginning with real estate taxes payable in 2008 through 2022. On or before February 1 and August 1 of each year commencing August 1, 2008 to and including February 1, 2022 the City shall pay the Developer the amount of the Tax Abatements received by the City in the previous six month period. The City may terminate the Tax Abatement Program and this Agreement at an earlier date if an Event of Default occurs and the City rescinds or cancels this Agreement. 1797244v1 7