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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 13:03; Jetrax #801 ;Page 32/39 <br /> • "Agreement" means this Agreement, as the same may be from time to time modified, <br /> amended, or supplemented, <br /> "Authority" means the Economic Development Authority In and For the City of Elk River, <br /> or any successor or assign. <br /> "City" means the City of Elk River. <br /> "Contract" means the Contract for Private Development between the Authority and the <br /> Developer dated as of <br /> "Developer" means, collectively, Morrell& Morrell, Inc., or its successors, representatives, <br /> executors or assigns, or any future owners of the Development Property. <br /> "Development Property" means the real property described as such in the Contract, <br /> "Improvements" means the construction by the Developer of an office/warehouse/trucking <br /> facility of at least 45,000 square feet, pursuant to the Contract. <br /> "Permanent Full-Time Employment Position" means the employment of a person who is <br /> eligible to receive any health, pension or other benefits provided according to the personnel or <br /> • employment policies of the his/her employer, or through a collective bargaining agreement with the <br /> Developer or its tenants, and whose wages as the term is defined are based upon the employee <br /> working approximately thirty(30)hours a week. <br /> "State" means the State of Minnesota. <br /> ARTICLE II <br /> Jpb and Wage Goals <br /> Section 2.1. Employment Requirements. The Developer agrees that it will employ at least <br /> persons in Permanent Full-Time Employment Positions in the Improvements, and that it will <br /> cause to be created by itself or its tenants with respect to the Development Property and the <br /> Improvements at least Permanent Full-Time Employment Positions, Such new positions <br /> shall be created, through the actual employment of individuals, no later than two (2)years after the <br /> substantial completion of the Improvements pursuant to the terms of the Contract. <br /> Section 2.2. Wage Regiirements. The new Permanent Full-Time Employment Positions <br /> required to be created pursuant to Section 2.1 shall be paid an average wage of no less than$ <br /> per hour. <br /> • <br /> 13eck?548664.2 C-3 <br />