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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 Equity Management, Inc. (hereinafter referred to <br /> as the "Recipient") agree that the assistance under this Agreement is a <br /> "Business Subsidy" as defined by Minnesota Statutes, Sections 116J.993 <br /> through 116J.995 (the "Subsidy Law") and is subject to the provisions <br /> 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 22,500 <br /> square foot multi- tenant light industrial building on the <br /> northerly half of the Lot 1, Block 1 Country Crossing Business <br /> • Center Second Addition. <br /> (b) The public purposes of the subsidy includes The construction <br /> of leasible space for light industrial firms that will 1) enhance <br /> and diversify the city's economic industrial base and <br /> 2) contribute to the fulfillment of the city's Strategic Plan for <br /> Industrial Development and 3) result in additional private <br /> investment in the area and 4) eventually provide job creation. <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 Grantor, together with interest accruing at the annual <br /> rate per annum equal to the implicit price deflator of Minnesota <br /> statutes, Section 275.70, subdivision 2, with all such interest accruing <br /> on each subsidy payment made to the Recipient hereunder from the <br /> • date of said payments. If the Recipient meets some but not all of the <br /> job goals hereinafter defined, the Recipient may request in writing, <br /> and the Grantor may agree, in its absolute discretion, that the subsidy <br /> 1 <br />