Laserfiche WebLink
(2) The sole source of funds from which the City is <br />obligated to reimburse the Developer for the Legal and <br />Administrative Expenses paid by the Developer is limited to 10% of <br />the Tax Increments and nothing herein shall be construed to <br />obligate the City to use any of its general funds or other <br />municipal funds to reimburse the Developer for such costs. <br /> (3) Provided that no Event of Default shall have occurred <br />and be continuing hereunder, the City shall reimburse the <br />Developer for the Legal and Administrative Expenses paid by the <br />Developer from Tax Increments in amount not to exceed 10% of the <br />semi-annual Tax Increments in the following manner: <br /> <br />On February 1 and August 1 in each year, commencing on <br />February 1, 2001, the City shall pay to the Developer from <br />10% of the Tax Increments the amount of the Legal and <br />Administrative Expenses paid by the Developer not previously <br />reimbursed from Tax Increments. Such payments by the City to <br />the Developer shall continue until the earlier of the date <br />the Developer has been reimbursed for all the Legal and <br />Administrative Expenses paid by the Developer or the City has <br />been reimbursed from Tax Increments for the cost of the <br />Development Property and the interest specified in Section <br />3.1. <br /> <br />Section 3.3. Business Subsidies Act. <br /> <br /> (1) In order to satisfy the provisions of Minnesota <br />Statutes, Sections 116J.993 to 116J.995 (the Business Subsidies <br />Act), the Developer acknowledges and agrees that the amount of the <br />Business Subsidy granted to the Developer under this Agreement is <br />$ ,000 which is an amount equal to or less than the fair market <br />value of the Development Property and the purchase price paid by <br />the Developer for the Development Property. The Developer further <br />acknowledges that the Business Subsidy is needed because the <br />Project is not sufficiently feasible for the Developer to <br />undertake without the Business Subsidy. The Tax Increment <br />District is a redevelopment district and the public purpose of the <br />Business Subsidy is to encourage the redevelopment of the property <br />in the City. The Developer agrees that it will meet the following <br />goals (the "Goals"): It will create at least full time jobs <br />in connection with the development of the Development Property at <br />an hourly wage of at least $__.00 per hour within two years from <br />the Benefit Date, which is the date of the building permit issued <br />by the city for the redevelopment of the property. <br /> <br /> (2) If the Goals are not met, the Developer agrees to repay <br />all of a part of the Business Subsidy to the City, plus interest <br />("Interest") set at the implicit price deflator defined in <br />Minnesota Statutes, Section 275.70, Subdivision 2, accruing from <br />and after the Benefit Date, compounded semiannually. If the Goals <br />are met in part, the Developer will repay a portion of the <br /> <br />1062445.4 7 <br /> <br /> <br />