8.1 SR 08-19-2024 - Laserfiche WebLink

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14 EL185\77\970529.v2 (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: (i) 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; (iii) if the failure relates to maintenance of the facility as a Qualified Facility in accordance with Section 3.9(b) 60 less the number of months of operation as a Qualified Facility (where any month in which the Qualified Facility is in operation for at least 15 days constitutes a month of operation), commencing on the Benefit Date and ending with the date the Qualified Facility ceases operation as determined by the City, divided by 60; and (iv) if more than one of clauses (i) through (iii) apply, the sum of the applicable percentages, not to exceed 100%. Nothing in this Section shall be construed to limit the City’s remedies under Article VI hereof. In addition to the remedy described in this Section and any other remedy available to the City for failure to meet the goals stated in Section 3.9, the Company and the Developer agree and understand that they may not receive a business subsidy from the City or any grantor (as defined in the Business Subsidy Act) for a period of 5 years from the date of the failure or until the Developer satisfies its repayment obligation. (e)Reports. The Developer must submit to the City a written report regarding business subsidy goals and results by no later than February 1 of each year, commencing February 1, 2026 and continuing until the later of (i) the date the goals stated in Sections 3.9(b) and (c) are met; (ii) 30 days after expiration of the period described in Section 3.9(b); or (iii) if the goals are not met, the date the subsidy is repaid in accordance with Section 3.9(d). The report must comply with Section 116J.994, subdivision 7 of the Business Subsidy Act. The City will provide information to the Developer regarding the required forms. If the Developer fails to timely file any report required under this Section, the City will mail the Developer a warning within one week after the required filing date. If, after 14 days of the postmarked date of the warning, the Developer fails to provide a report, the Developer must pay to the City a penalty of $100 for each subsequent day until the report is filed. The maximum aggregate penalty payable under this Section is $1,000. (f)Other assistance. In addition to the Purchase Price Note and the Energy Rebate being provided by the City pursuant to this Agreement, the Economic Development Authority of the City is providing the Developer with a microloan in the amount of $200,0000 to assist with financing the Project. Page 243 of 327