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• PERORMANCE/ASSISTANCE AGREEMENT <br /> August 14, 2000 <br /> The Elk River Economic Development Authority (hereinafter referred to as <br /> the "Grantor") and David S. & Carole A. Ripplinger (hereinafter <br /> referred to as the "Recipient") agree that the assistance under this <br /> Agreement is a "Business Subsidy" as defined by Minnesota Statutes, <br /> Sections 116J.993 through 116J.995 (the "Subsidy Law") and is subject to the <br /> provisions thereof, including without limitation,job creation goals, reporting <br /> requirements, five year commitment by the Recipient, and repayment of the <br /> subsidy if the Recipient is in default under this agreement, including this <br /> Section hereof. <br /> Accordingly, it is agreed: <br /> (a) The amount if the subsidy is $ 175,900 <br /> The type of subsidy is Land sale writedown (source TIF) & <br /> subdivision and utility extension expenses incurred by the <br /> Grantor for the project. <br /> The subsidy will be used by the Recipient to Construct a 15,200 <br /> square foot light industrial building on the southerly half of <br /> the Lot 1, Block 1 Country Crossing Business Center Second <br /> • Addition. <br /> (b) The public purposes of the subsidy includes The construction <br /> of light industrial building that will 1) enhance and diversify <br /> the City's economic industrial base and 2) contribute to the <br /> fulfillment of the City's Strategic Plan for Industrial <br /> Development and 3) result in additional private investment in <br /> the area and 4) the creation of livable wage jobs. <br /> (c) The goals of the subsidy include the above public purposes, the <br /> completion of the project and the retention of the project for at least <br /> five years after the "Benefit Date" of the project, as defined in the <br /> Subsidy Law, which is hereby determined to be the date upon which <br /> this is granted, August 14, 2000. <br /> (d) If the Recipient fails to meet its obligations under this Agreement, the <br /> Recipient shall repay all amounts of the subsidy theretofore paid to the <br /> Recipient by the City of Elk River/EDA, together with interest accruing <br /> at the annual rate per annum equal to the implicit price deflator of <br /> Minnesota statutes, Section 275.70, subdivision 2, with all such <br /> interest accruing on each subsidy payment made to the Recipient <br /> • hereunder from the date of said payments. If the Recipient meets <br /> some but not all of the job goals hereinafter defined, the Recipient may <br /> 1 <br />