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8. Pursuant to Minnesota Statutes, Section 116J.991, City and EDA have <br /> • established, and Developer has agreed, to the following Job Creation and Wage <br /> Level Goals: <br /> Job Creation: Two new jobs <br /> Wage Level: to dollars per hour <br /> 9. Developer agrees to meet the Job Creation and Wage Level Goals on or before <br /> , 19 . Failure to meet the Goals by this date shall be a <br /> Default under the terms of this Agreement. In addition to such other remedies <br /> as City and EDA may have, if Developer defaults by not meeting the Job <br /> Creation and Wage Level Goals, Developer shall immediately repay to City all <br /> amounts paid to Developer pursuant to this Agreement. <br /> 10. Developer shall report to EDA no later than 1st of each year <br /> that this Agreement is in effect: <br /> • Actual jobs created since first payment received under this <br /> Agreement. <br /> • Actual average hourly wage paid to employees hired since first <br /> payment received under this Agreement. <br /> • IN WITNESS WHEREOF, the City of Elk River, the Economic Development Authority <br /> for the City of Elk River and Developer have caused this Development Agreement to be <br /> executed as of the date and year first above written. <br /> CITY OF ELK RIVER <br /> By: <br /> Henry Duitsman, Mayor <br /> By: <br /> Patrick D. Klaers <br /> City Administrator <br /> • PXB 123191 3 <br />