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<br />(1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to <br />116J.995 (the “Business Subsidies Act”), the Developer acknowledges and agrees that the <br />amount of the “Business Subsidy” granted to the Developer under this Agreement is the amount <br />of the tax increment assistance paid pursuant to Section 3.2, which is approximately $190,000, <br />and that the Business Subsidy is needed because the Minimum Improvements are not sufficiently <br />feasible for the Developer to undertake without the Business Subsidy. The public purpose of the <br />Business Subsidy is to construct the Minimum Improvements and enable the Developer to locate <br />a warehouse facility in the City increasing the tax base in the City and the State and stimulate <br />construction and the creation of jobs, including construction jobs. The Developer further <br />represents that, pursuant to the Lease between the Developer and the Tenant, the Tenant has <br />agreed that, it will meet the following job creation goals (the “Goals”): It will in relocate 7 full- <br />time and 1 part-time existing jobs to the Development Property and create at least 6 full-time <br />equivalent jobs at an average salary of at least $18/hour excluding benefits, within three years <br />from the Benefit Date (“Jobs”). <br /> <br />2. Any capitalized terms used herein but not otherwise defined shall have the <br />meanings assigned to such terms in the Original Agreement. Any references to the “Agreement” <br />or “this Agreement” in the Original Agreement shall refer to the Original Agreement, as <br />amended by this Amendment, and as may be further amended and supplemented. <br />3. The amendments made to the Original Agreement, as amended by this <br />Amendment, shall be effective as of the date hereof. <br />4. Except as hereby amended, all other terms and conditions of the Original <br />Agreement shall remain in full force and effect. <br /> 2 <br />EL185\\61\\874669.v1 <br /> <br />