6.1. SR 07-16-2007 - Laserfiche WebLink

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undertake without the Business Subsidy. The public purpose of the Business Subsidy is to create jobs and increase the tax base in the City. The Developer agrees that they will meet the following goals (the "Goals"): it will create at least twenty-six (26) full time jobs in connection with the development of the Development Project at a wage of at least $ per hour, which includes benefits not required by law, within two years from the Benefit Date. (2) If none of the Goals are met, the Developer agrees to repay all of the Business Subsidy to the City, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from~~~fter the Benefit Date, compounded semiannually. If the Goals are met in part, the Dev.per will repay a portion of the Business Subsidy (plus Interest) determined by multipl~E~~e Business Subsidy by a fraction, the numerator of which is the number of jobs in the.~9~ls W:1Jiib were not created at the wage level set forth above and the denominator of whichis~~nty-si~@,~ (i.e. number of jobs set forth in the Goals). ~. "'::;ii' (3) The Developer agrees to (i) report jtszirogress ~p. achieving th~~~to the City until the later of the date the Goals are met or tWo~from,~~~.Benefit Date,~!~~~~ifthe Goals are not met, until the date the Business Subsidyfi:~f:i~p~:(lfJ include in .'the report the information required in Section 116J.994~ Subdivision 7 a!t:!~~Business Subsidies Act on forms developed by the Minnesota Departmen~:~~"Employment an~~~enomic Development, and (iii) send completed reports to the City. Th~Pli:f~loper agrees to~~_,t~~se reports no later than March 1 of each year commencing Marc&}, ~~'atl~ within 3~~ays after the deadline for meeting the Goals. The City agrees that a it do:i~II91;r~ceiye~the reports, it will mail the Developer a warning withi!!~,9J;l,~.week of the'\lq~jf~d tilmi::~e. If within 14 days of the post marked date of the wa.rnjj~l~'t~orts are noi::~ade, the De'Veloper agrees to pay to the City a penalty of $100 for e~ubseq1i~I;p.ay until the:J,f~port is filed up to a maximum of $1 ,000. ,=@""",,,. (4) The Deve~(ag;~i~:~:;;!!Lcontinue~rations of the Project for at least five (5) years after theBe~~~~pate. ~:~!':,f:: '7':;:;::;:..,,:::~,;: (5) Other~~the 1i!'::Abatements provided by the City and comparable tax abat~p.jiit~ from the Colfil'&.therei!~e~tate or local government agencies providing financial assi~iarl~~{<?!.the Proj ect~2':7. ..,.. ',' '," ""~ ~~~C,^ =_='_", (6) :~~~!e is no pa~t corporation of the Developer. Section 3.9:E:.iaratioi.:'of Abatement Program. The Tax Abatement Program shall exist for a period of up to ~%~tie years beginning with real estate taxes payable in 2009 through 2020. On or before February'l and August I of each year commencing August 1,2009 until the earlier of the date that the Developer shall have received the Reimbursement Amount or February 1, 2021 the City shall pay the Developer the amount of the Tax Abatements received by the City in the previous six month period. The City may terminate the Tax Abatement Program and this Agreement at an earlier date if an Event of Default occurs and the City rescinds or cancels this Agreement 2045533v2 7