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be repaid by the Recipient on a pro rata basis. The Recipient <br /> represents that the subsidy is needed in order to induce the Recipient <br /> to complete the project in the City of Elk River. The Recipient <br /> covenants that it will continue its operations in the Grantor's <br /> jurisdiction for at least five years after the benefit date. <br /> (e) The Recipient represents that it is a subsidiary of the following parent <br /> corporation: <br /> Company Name: <br /> Address: <br /> (f) The Recipient represents that it has accepted subsidies from the <br /> following public entities: <br /> • Elk River EDA—Land sale write down & subdivision and <br /> utility extension expenses incurred by the Grantor for <br /> the project. <br /> (g) The Recipient represents that it is not in default on the date hereof on <br /> any subsidy agreement entered into by the Recipient under the <br /> Subsidy Law. <br /> (h)The Recipient represents that it is not able to complete this project in <br /> • its current location, which is N/A <br /> because <br /> (i) The Recipient represents that it currently has in the State of <br /> Minnesota 0 full-time equivalent permanent employees and, for <br /> its "job goals"hereunder, will create due to the project an additional 0 <br /> full time equivalent permanent employee positions within two years of <br /> the benefit date, with these jobs having wage levels of at least $0 <br /> per hour, exclusive of benefits, as required by EDA Micro Loan policy. <br /> The Recipient estimates that the actual average wage for the jobs it <br /> creates will be at least $ 0 per hour, exclusive of benefits. <br /> It is anticipated that the project will create higher wage jobs by <br /> providing space for small and emerging industrial companies to grow. <br /> However, because the Recipient itself, a development corporation, can <br /> not be held directly responsible for the creation of jobs as a result of <br /> the project, the Recipient represents as an alternative goal, the <br /> construction of a minimum of 22,500 square feet of leasible <br /> light industrial space to be completed within one year of the <br /> benefit date. <br /> • (j) The Recipient shall complete and file with the Grantor an annual <br /> report in a form supplied by its Executive Director. The Subsidy Law <br /> 2 <br />