7.3 SR 05-15-2023 - Laserfiche WebLink

Home Browse Search

will cause the Tenant to create at least 7 full time equivalent jobs in connection with the development of the Project on the Tax Abatement Property at an average hourly wage of at least $31.77 per hour, excluding benefits, not later than two years from the Benefit Date (the "Compliance Date"). (2) If the Goals are not met by the Compliance Date, the Developer agrees to repay all or a part of the Business Subsidy it has received to the City on a pro rate basis, plus interest set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2 ("Interest"), accruing from and after the Compliance Date, compounded semiannually. If the Goals are only met in part by the Compliance Date, the Developer will repay a portion of the Business Subsidy (plus Interest) determined by multiplying the Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which were not created at the wage level set forth above by the Compliance Date and the denominator of which is 7 (i.e. number of jobs set forth in the Goals). (3) 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 the Compliance 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 Subsidy Act on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the City. The City shall have the right to inspect the Developer's books and records to verify compliance with the requirements of this Section. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 2024, and within 30 days after the Compliance Date. The City agrees that if it does not receive the reports by such date, it will mail the Developer a warning within one week of the required filing date. If the reports are not made within 14 days of the post marked date of the warning, the Developer 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. (4) The Developer agrees to cause the Tenant to continue operations of the Project on the Tax Abatement Program for at least the duration of the Tax Abatement Program as provided in Section 3.8. (5) In addition to the tax abatement assistance from the City paid pursuant to Section 3.9, the Developer has also applied for tax abatement assistance from the County in the amount of approximately $60,0000. (6) Neither the Developer nor the Tenant have parent corporations. Section 3.10 Legal and Administrative Expenses. The Developer will pay all of the City's reasonable Administrative Costs (as defined below) and must pay such costs to the City within 30 days after receipt of a written invoice from the City describing the amount and nature of the costs to be reimbursed. For the purposes of this Agreement, the term "Administrative Costs" means out of pocket costs incurred by the City together with staff and consultant (including reasonable legal, financial advisor, etc.) costs of the City, all attributable to or incurred in connection with establishing the Tax Abatement Program and the review, negotiation 10 EL 185\74\870137.v5