6.2 EDSR 10-17-2016 - Laserfiche WebLink

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relocated and createdat the wage level set forth above and the denominator of which is 25(i.e. number of Jobs set forth in the Goals). (c)The Borrower agrees to: (i) report the Entity Guarantor’sprogress on achieving the Goals to the City until the later of the date the Goalsare met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Section 116J.994, subdivision 7 of the Business Subsidies Act on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the City. The Borrower agrees to file these reports no later than March 1 of each year commencing March 1, 2017, and within 30 days after the deadline for meeting the Goals. The City agrees that if it does not receive the reports, it will mail the Entity Guarantor and the Borrower a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Borrower agrees to pay to the City a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (d)Pursuant to the terms of the Entity Guaranty, the Entity Guarantor has agreed that it will continue operations in the City and maintain the Jobs for at least 5 years after the Benefit Date. (e)Other than the loan provided pursuant to this Agreementand abatement assistance from the City and the County, there are no other state or local government agencies providing financial assistance for the project. (f)There is no parent corporation ofthe Entity Guarantor or the Borrower. [Signature Pages follow] 14 487521v2 EL185-45