Agenda - Council - 08/12/2008 - Laserfiche WebLink

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(h) The Developer will cooperate with the City with respect to any litigation, other than litigation in which the City and the Developer are. adverse parties, commenced with .respect to the TIF Plan, the Program, or Mini-mum Tmprovements. (i) Business Subsidies Act. (i) Izi order to-satisfy the provisions of Minnesota Statutes, Sections 1167.993 .to 1167.995 (the Business Subsidies Act), the Developer .acknowledges and agrees that the amount of the .Business Subsidy granted by the City to the Developer under this Agreement is Two Hundred Twenty-five Thousand and 00/100 Dollars ($225,000.00} which is an amount equal to the Financial Assistance provided by the City that .includes the Development Property, and public improvements. The Developer further acknowledges that the Business Subsidy is needed because the Project is not sufficiently ~ feasible for the Developer to undertake without the Business .Subsidy. .The Tax .Increment District is an economic development district and the public purpose of the Business Subsidy is to encourage the redevelopment of the Development Properly in the City. The Developer agrees tliat~it will meet the following goals (the."Goals"): It will create at least nine (9) full time -jobs in connection with the operation and maintenance of the Minmum Improvements at an hourly wage. of at least $14..00 per hour within two years from the Benefit Date, . which is the date of the building permit issued by the city for the construction of the Minimum hmprovements. (ii) If the Goals are not met, the Developer agrees to repay all or a part of the Business Subsidy to the City, plus interest ("Interest") -set at the implicit price deflator defined in Mvmesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals -are -met in part, the Developer will repay a portion of the Business Subsidy (plus Interest) determined by inultiplyiig 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 nine (9) (i.e. number of jobs set forth in the - Goals). Tlie Developer agrees to continue its operations consisting of the Minimum Improvements on the Development Property for at least five years after the Benefit Date. (iii). The Developer- agrees to (i) report its progress on achieving the Goals to the City until the Goals are met, or the Business .Subsidy is repaid, whichever occurs earlier, (ii) include iu the report the information required ii Subdivision 7 of the Business Subsidy Act on forms developed-by the Minnesota Department of Employment and Economic Development, and. - (iii) send completed. reports to the to. the City.. The Developer agrees to. file these reports no later than January 1 of each year commencing January 1,.2009, and within30 days after the, deadline for meeting the Goals. The City agrees that if it does not receive the reports, it will mail the Developer -253-