Laserfiche WebLink
with closing on the acquisition of the Loan Property, including the land necessary for all <br /> } <br /> required parking, and (d) determination by Lender that construction of the Improvements <br /> has commenced, Lender agrees to disburse the Loan to Borrower, provided no event of <br /> default exists under this Agreement or the Mortgage. <br /> 6. Business Subsidies Act. <br /> (a) In order to satisfy the provisions of Minnesota Statutes, Sections <br /> 116J.993 to 1161995 (the "Business Subsidies Act"), Borrower acknowledges <br /> and agrees that the amount of the "Business Subsidy" granted to the Borrower <br /> under this Agreement is the amount of the Loan, and that the Business Subsidy is <br /> needed because the cost of the Improvements is prohibitive for the Borrower to <br /> undertake without the Business Subsidy. The public purpose of the Business <br /> Subsidy is to develop new jobs within the City and better utilize an existing <br /> property in the City. The Borrower agrees that it will meet the following goals <br /> (the "Goals"): it will create 4 new full time equivalent positions at the Loan <br /> Property at a wage of at least $12.00 per hour within two years of the date which <br /> is the earlier of (i) the date the Borrower completes the Improvements in <br /> accordance with the Plans and Specifications, or (ii) the date the Borrower <br /> receives a certificate of occupancy for the Loan Property and the Improvements <br /> (the"Benefit Date"). <br /> (b) If the Goals are not met,the Borrower agrees to immediately repay <br /> all or a part of the Business Subsidy to the Lender on a pro rata basis,plus interest <br /> ("Interest") set at the greater of 2% or the implicit price deflator defined in <br /> Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the <br /> Benefit Date, compounded semiannually. If the Goals are met in part, the <br /> Borrower will repay a portion of the Business Subsidy (plus Interest) determined <br /> by multiplying the Business Subsidy by a fraction, the numerator of which is the <br /> number of jobs in the Goals which were not created at the wage level set forth <br /> above and the denominator of which is 4 (i.e. number of jobs set forth in the <br /> Goals). <br /> (c) To the extent required by the Minnesota Department of <br /> Employment and Economic Development, the Borrower agrees to (i) report its <br /> progress on achieving the Goals to the Lender until the later of the date the Goals <br /> are met or two years from the Benefit Date, or, if the Goals are not met, until the <br /> date the Business Subsidy is repaid, (ii) include in the report the information <br /> required in Section 116J.994, Subdivision 7 of the Business Subsidies Act on <br /> forms developed by the Minnesota Department of Employment and Economic <br /> Development, and (iii) send completed reports to the Lender. The Lender shall <br /> have the right to inspect the Borrower's books and records to verify compliance <br /> with the requirements of this Section 6. The Borrower agrees to file these reports <br /> no later than March 1 of each year commencing March 1, 2012, and within 30 <br /> days after the deadline for meeting the Goals. The Lender agrees that if it does <br /> not receive the reports,it will mail the Borrower a warning within one week of the <br /> 385593v4 JSB EL185-12 <br /> -5- <br />