7.5 SR 06-17-2024 - Laserfiche WebLink

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(1) The Developer has received the Certificate of Completion; (ii) The Developer has complied with all provisions of the ERMU PILOT policy and the City is eligible to receive and waive PILOT payments for the Project; and (iii) The provision of the Energy Rebate has been approved by ERMU. (b) The estimated value of the Energy Rebate to the Developer is $10,000 payable over a period of 24 months. The final amount of the Energy Rebate shall be calculated monthly by ERMU and the City in their sole discretion. The City makes no warranties or representations to the Developer regarding the total amount of the Energy Rebate to be provided to the Developer. The City is providing the Energy Rebate to the Developer in the form of a forgivable loan. If the Developer does not comply with the provisions of Section 3.9, then the Developer is obligated to repay such loan as set forth therein. If the Developer complies with the job and wage goals of Section 3.9 hereof, then the forgivable loan will be forgiven in full. Section 3.9 Business Subsidy Agreement. (a) Public Purpose. In order to satisfy the provisions of the Business Subsidy Act, the Developer and the Company acknowledge and agree that the amount of the "Business Subsidy" granted to the Developer under this Agreement is the Purchase Price Note and the Energy Rebate, and that the Project is not feasible for the Developer and the Company to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to develop industrial warehousing facilities, help develop underutilized land in the City, increase the tax base in the City and the State, and stimulate the creation of jobs, including construction jobs. (b) Operation of Site. The Company shall continue its operations at the Development Property (the "Qualified Facility") for at least 5 years after the Benefit Date (defined hereinafter). The Project will be a Qualified Facility as long as the Development Property is operated by the Company. The parties agree that the `Benefit Date" is the date that the City delivers the Certificate of Completion. (c) Job and Wage Goals. By or before the "Compliance Date", defined as the date two years after the Benefit Date, the Company shall cause at least 60 full-time equivalent jobs to be located at the Development Property with an hourly wage of at least $21.00 per hour exclusive of benefits within two years from the Benefit Date. Notwithstanding anything to the contrary herein, if the wage and job goals described in this paragraph are met by the Compliance Date, those goals are deemed satisfied despite the Developer's continuing obligations under Sections 3.9(b). The City may, after a public hearing, extend the Compliance Date by up to one year, provided that nothing in this section will be construed to limit the City's legislative discretion regarding this matter. (d) Remedies. If the Company fails to meet the goals described in Section 3.9(b) and 3.9(c), the Developer shall repay to the City upon written demand from the City a "pro rata share" of the principal amount of the Purchase Price Note and the Energy Rebate with interest thereon at the implicit price deflator rate as provided in Section 116J.994, subd. 6 of the Business Subsidy Act, accrued from the Benefit Date to the date of payment. The term "pro rata share" means percentages calculated as follows: (1) if the failure relates to the number of jobs, the jobs required less the jobs created, divided by the jobs required; (ii) if the failure relates to wages, the number of jobs required less the number of jobs that meet the required wages, divided by the number of jobs required; 12 EL185\77\951254.v6 Page 308 of 372