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I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br />;I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br /> <br /> ARTICLE 7 <br /> <br />Provision of New Permanent Jobs <br /> <br />Section 7.1. Business Subsidy Agreement. The provisions of this Section constitute the <br />"business subsidy agreement" for purposes of the Minnesota Business Subsidy Act. <br /> <br />(a) The parties agree and represent to each other as follows: <br /> <br />(1) The subsidy provided to the Developer includes the Loan. <br /> <br /> (2) The public purposes and goals of the subsidy are to increase net jobs in the <br />City and continue operations at the site for at least five years following the Benefit Date. <br /> <br /> (3) If the goals described in clause (2) are not met, the Developer must make <br />the payments to the City described in Section 4.4. <br /> <br /> (4) The subsidy is needed because acquisition and interest costs make the <br />Project economically infeasible without the Loan. <br /> <br />(5) The Developer does not have a parent corporation. <br /> <br /> (6) The Developer has received the following financial assistance from other <br />"grantors" as defined in the Business Subsidy Act in connection with the Development <br />Property or the Project: <br /> <br /> (b) By no later than May 1, 2002 (the "Compliance Date") and continuing through at <br />least the Compliance Date, the Developer shall create at least fifty (50) new full-time equivalent <br />jobs (the "New Jobs") on the Development Property (excluding the thirty-eight (38) jobs <br />previously existing as of May 1, 2000 which must also be maintained from the date of this <br />Agreement through at least the Compliance Date). The New Jobs must pay a wage of at least <br />$10.00 per hour, exclusive of benefits. <br /> <br />Section 7.2. Employment Documentation. The Developer shall annually complete and provide <br />to the City notification of employment of hiring each new employee. This notification <br />requirement shall terminate on the Compliance Date if the Developer is not then in breach of <br />Section 7.1. <br /> <br />Section 7.3. Job Creation Documentation. Until the Compliance Date, the Developer shall <br />submit to the City a written report by January 25 of each year in sufficient detail to enable the <br />City to determine compliance with this ?a-ticle 7. That information shall be provided by the <br />Developer and must include at a minimum: <br /> <br /> (a) <br />filled; and <br /> <br />the number of New Jobs created and the dates on which each were created and <br /> <br /> 7 <br />161 <br /> <br /> <br />