6.0. EDSR 09-11-2000 - Laserfiche WebLink

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PERFORMANCE / ASSISTANCE AGREEMENT • August 28, 2000 The Elk River Economic Development Authority (hereinafter refer t th "Grantor") and David S. & Carole A. Ripplinger (here l.. 1.6-f red to as the "Recipient") agree that the assistance under this Agre t is a "Business Subsidy" as defined by Minnesota Statutes, Sections 116J.993 through 116J.995 (the "Subsidy Law") and is subject to the provisions thereof, including without limitation, job creation goals, reporting requirements, five year commitment by the Recipient, and repayment of the subsidy if the Recipient is in default under this agreement, including this Section hereof. The following section of this Agreement is intended to be the "Subsidy Agreement" required by Section 116J.994, Subdivision 3 of the Subsidy Law. In the event that any provision of this Section is inconsistent or in conflict with any provision of the Subsidy Law, and in the event that any provision of the Subsidy Law provides additional requirements, the provisions of the Subsidy Law shall apply and govern. Accordingly, it is agreed: (a) The amount of the subsidy is $ 129,050 • The type of subsidy is tax increment financing proceeds from a decertified "economic development" tax increment district (TIF No. 5) to be provided in the form of a land sale write down at 100% less than market value, and subdivision and utility extension expenses incurred by the Grantor for the project. For the purposes of this agreement, the project is defined as the construction of a minimum of 22,500 square feet of light industrial space, in which at least 12,500 square feet will be leasable, to be completed within one year of the benefit date. The project is located on the southerly half of Lot 1, Block 1 Country Crossing Business Center Second Addition. (b) The Recipient represents that the subsidy assistance as described above is needed in order to allow the project to be developed in the City of Elk River at a reasonable rate of return on investment as evaluated by the Grantor, and to provide leasable space at rates that would be acceptable to the local market, and to encourage the development to occur in the West Business Park area, of which the Grantor has been marketing the property since December 1997. (c) The public purposes of the subsidy are to 1) enhance and diversify the • City's economic industrial base and 2) contribute to the fulfillment of the City's Strategic Plan for Economic Development and 3) result in additional private investment in the area and 4) the creation of 1