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Pursuant to Minnesota Statutes, Section 116J.991, City and EDA have <br />established, and Developer has agreed, to the following Job Creation and Wage <br />Level Goals: <br /> <br />Job Creation: Two new jobs <br />Wage Level: to <br /> <br />dollars per hour <br /> <br />Developer agrees to meet the Job Creation and Wage Level Goals on or before <br /> , 19~ Failure to meet the Goals by this date shall be a <br />Default under the terms of this Agreement. In addition to such other remedies <br />as City and EDA may have, if Developer defaults by not meeting the Job <br />Creation and Wage Level Goals, Developer shall immediately repay to City all <br />amounts paid to Developer pursuant to this Agreement. <br /> <br />10. <br /> <br />Developer shall report to EDA no later than <br />that this Agreement is in effect: <br /> <br />1st of each year <br /> <br />Actual jobs created since first payment received under this <br />Agreement. <br /> <br />Actual average hourly wage paid to employees hired since first <br />payment received under this Agreement. <br /> <br /> IN WITNESS WHEREOF, the City of Elk River, the Economic Development Authority <br />for the City of Elk River and Developer have caused this Development Agreement to be <br />executed as of the date and year first above written. <br /> <br />CITY OF ELK RIVER <br /> <br />By: <br /> <br />Henry Duitsman, Mayor <br /> <br />By: <br /> <br />Patrick D. Klaers <br />City Administrator <br /> <br />PXB 123191 3 <br /> <br /> <br />