7.2 EDSR 10-21-2024 - Laserfiche WebLink

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13 EL185\81\983245.v1 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 and the denominator of which is 28 (i.e. number of jobs set forth in the Goals). (c) The Borrower agrees to: (i) report its progress on achieving the Goals to the Lender until the later of the date the Goals are met or two years from the Benefit 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 Subsidies Act on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the Lender. The Borrower agrees to file these reports no later than March 1 of each year commencing March 1, 2025, and within 30 days after the deadline for meeting the Goals. The Lender agrees that if it does not receive the reports, it will mail the Borrower 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 Borrower agrees to pay to the Lender a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (d) The Borrower agrees that they will and the Corporate Guarantor will continue operations in the City for at least five years after the date of closing on the Loan. If the Borrower or the Corporate Guarantor relocates operations outside of the City at any time prior to the maturity date of the Loan, the Loan shall be immediately due and payable in full. (e) Other than the loan provided pursuant to this Agreement, there are no other state or local government agencies providing financial assistance for the project. (f) There is no parent corporation of the Borrower. [Signature Pages follow] Page 56 of 124