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Business Subsidy (plus Interest) determined by multiplying the <br />Business Subsidy by a fraction, the numerator of which is the <br />number of jobs in the Goals which were not created at the wage <br />level set forth above and the denominator of which is <br />(i.e. number of jobs set forth in the Goals). The Developer <br />agrees to continue its operations on the Development Property for <br />at least five years after the Benefit Date. <br /> <br /> (3) The Developer agrees to (i) report its progress on <br />achieving the Goals to the City until the Goals are met, or the <br />Business.Subsidy is repaid, whichever occurs earlier, (ii) include <br />in the report the information required in Subdivision 7 of the <br />Jobs Act on forms developed by the Minnesota Department of Trade <br />and Economic Development, and (iii) send completed reports to the <br />Commissioner of the Department of Trade and Economic Development <br />and to the City. The Developer agrees to file these reports no <br />later than March 1 of each year commencing March 1, 2000, and' <br />within 30 days after the deadline for meeting the Goals. The City <br />agrees that if it does not receive the reports, it will mail the <br />Developer a warning within one week of the required filing date. <br />If within 14 days of the post marked date of the warning the <br />reports are not made, the Developer agrees to pay to the City a <br />penalty of $100 for each subsequent day until the report is filed <br />up to a maximum of $1,000. <br /> <br /> (4) The Developer agrees to continue operations on the <br />Development Property for at least five (5) years after the Benefit <br />Date. There are no other state or local government agencies <br />providing financial assistance for the Project other than the <br />City. <br /> <br /> Section 3.4. Execution of Assessment Agreement. The <br />Developer shall agree to, and with the City shall execute, an <br />Assessment Agreement pursuant to the provisions of Minnesota <br />Statutes, Section 469.177, Subdivision 8, specifying the <br />Assessor's Minimum Market Value for the Development Property and <br />the Project for calculation of real property taxes. Specifically, <br />the Developer shall agree to a market value for the Development <br />Property and the Minimum Improvements which will result in a <br />market value as of January 2, 2001 of not less than $ ,000 (such <br />minimum market value at the time applicable is herein referred to <br />as the "Assessor's Minimum Market Value"). Nothing in the <br />Assessment Agreement shall limit the discretion of the assessor to <br />assign a market value to the property in excess of such Assessor's <br />Minimum Market Value nor prohibit the Developer from seeking <br />through the exercise of legal or administrative remedies a <br />reduction in such market value for property tax purposes, provided <br />however, that the Developer shall not seek a reduction of such <br />market value below the Assessor's Minimum Market Value in any year <br />so long as the Assessment Agreement shall remain in effect. The <br />Assessment Agreement shall remain in effect until December 31, <br />200 (the "Termination Date"). The Assessment Agreement shall be <br />certified by the Assessor for the County as provided in Minnesota <br /> <br /> <br />