5.1. SR 10-17-2005 - Laserfiche WebLink

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(d) The Tax Increment District is a redevelopment district and the public purpose of the Jackson Block Commercial Subsidy is to encourage the redevelopment of an area of the City which is already built up, to help prevent the emergence of blight, to provide employment opportunities to improve the tax base and to encourage the construction of adjacent housing facilities in the City. After holding a public hearing November 1, 2004, the City has determined that creation and retention of jobs is not a goal of the Jackson Block Commercial Subsidy for this project and consequently has set the wage and job goals (the "Goals") hereunder at zero. (e) Because the Goals are set at zero, the Developer is not subject to the prepayment provisions of the Business Subsidy Law. (f) To the extent required by the Minnesota Department of Employment and Economic Development, the Developer agrees to (i) report its progress on achieving the Goals to the City until the later of the date the Goals are met or two years from the date which is the earlier of the Completion Date or the date the Developer occupies the Jackson Block Commercial Project (the "Benefit Date"), or, if the Goals are not met, until the date the Jackson Block Commercial Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the City. The Developer agrees to file these reports no later than March 1 of each year commencing March 1,2005, 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 Developer 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 Developer agrees to pay to the City a penalty of $1 00 for each subsequent day until the report is filed up to a maximum of $1 ,000. (g) The Developer agrees to continue operations of the Jackson Block Commercial Project within the City for at least five (5) years after the Benefit Date. (h) In addition to the subsidies provided herein, the Developer or an affiliate has received a loan from the City of a Community Development Block Grant from the Minnesota Department of Employment & Economic Development, a loan from the Minnesota Housing Finance Agency and a loan from the Greater Minnesota Housing Fund in connection with the construction of the Minimum Improvements which the Parties anticipate will be applied to the Jackson Block Housing Project. (i) MetroPlains Properties, Inc. is the parent corporation of the Developer. Section 5.7 Developer Payments and Reimbursement. (a) The Developer agrees to pay the City governmental fees, including park dedication, permit, license and utility hook-up charges and SAC and WAC when due; provided that the City shall credit $175,880 towards the SAC and $131,910 towards the WAC payable by the Developer. Any SAC and WAC charged with respect to the Bluff Block Commercial Project or the Jackson Block Commercial Project based on the anticipated use thereof shall be paid by the Developer when determined by the City and made due and payable. 1824344vRED V2 to VI; 10/12/05 33