Agenda - Council - 09/23/2003 - Laserfiche WebLink

Home

(h) (i) 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 Minimum Improvements. Business Subsidies Act. , (i) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.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 Seventy Thousand and 00/100 Dollars ($70,000) which is an amount equal to the financial assistance provided by the City that includes the Development Property, public improvements, and capitalized interest. 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 red. evelo.pment of the Development Property in the City. The Developer agrees that it will meet the following goals (the "Goals"): It will create at least three (3) full time jobs in connection with the operation and maintenance of the Minimum 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. ~.ui!ding permit issued by the city for the construction of the.Minirnum ~mp?vements. (ii) If the Goals are not met,-:the De~eloper 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 Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and~ afte( the Benefit Date, compounded semiannually. If the Goals are met !,n part, the ,Developer will repay a portion of the Business Subsidy '(Plus: Interest) determined by multiplying the Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which were not .cre,~ed .at ~he wag~ level set forth above and the denominator ofw.hic~h;is 3: (i.¢ number of jobs set forth in the Goals). The Developer agrees.to Con'finue its' operations consisting of the Minimum Improvements on th,e. Development Property for at least five years after theBenefit Date. ~, ~,: (iii) The Developer ag[ees to:.(i) report its progress on achieving the Goals to the City until the' ..G.9~ls are:~et, or the Business Subsidy is repaid, whichever occurs earlier, (ii) i-ric'lude in the report the information required in Subdivision 7 of the~i Jobs..Act on forms developed by the Minnesota Department of Trade' and Economic Development, and (iii) send completed reports to the. Commissioner of the Department of Employment and Economic Deve.!0pmen.t .anS..to the Cit.y. The Developer agrees to file these reports no late~r.than. JanU,a~ ! of each year commencing January 1, 2004, and within 30, daYs after the deadline for meeting the Goals. The City agrees that ifi't does. nor red'lye the retSorts, it will mail the Developer