6.0. EDSR 09-11-2000 - Laserfiche WebLink

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(d)The Grantor hasheld apublic hearingas required bythe Subsid ow to q and has determined that jobs and wages are not a primary g.at e project based on the community's need for leasable lig'tai IMF trial space at marketable rates. The Grantor has therefore e' - lished and Recipient agrees, that the wage and job goals for this project shall be zero and the alternative project goal is established to be the construction of a minimum of 22,500 square feet of leasable light industrial space to be completed within one year of the benefit date. It is anticipated that the project will create higher wage jobs by providing space for small and emerging light industrial companies to grow. (e) For purposes of Section 116J.994, Subdivision 3, of the Subsidy Law, the goals of the subsidy include the above public purposes, the completion of the project and the retention of the project for at least five years after the "Benefit Date" of the project, as defined in the Subsidy Law, which is hereby determined to be the date upon which this is granted, August 28, 2000. (f) If the Recipient fails to meet its goals under this Agreement, the Recipient shall repay all amounts of the subsidy theretofore paid to the Recipient by the Grantor, together with interest accruing at the annual rate per annum equal to the implicit price deflator of Minnesota Statutes, • Section 275.70, subdivision 2, with all such interest accruing on each subsidy payment made to the Recipient hereunder from the date of said payments. If the Recipient meets some but not all of the goals hereinafter defined, the Recipient may request in writing, and the Grantor may agree, in its absolute discretion, that the subsidy be repaid by the Recipient on a pro rata basis. The Recipient represents that the subsidy is needed in order to induce the Recipient to complete the project in the City of Elk River. The Recipient covenants that it will continue its operations in the Grantor's jurisdiction for at least five years after the benefit date. If the Recipient desires to move from the jurisdiction or convey ownership of the project within five years from the Benefit Date, the Grantor may authorize, after a public hearing, the Recipient's request to move or convey ownership subject to the Grantor's right to assure the public purpose goals of the subsidy assistance remain with the project. (g) The Recipient represents that it is not a subsidiary of a parent corporation. (h) The Recipient represents that it has not accepted subsidies from any other public entities (other than the subsidy hereunder to the project. • 2