Agenda - Council - 05/11/2004 - Laserfiche WebLink

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were not created at the wage level set forth above and the denominator of which is 7 (i.e, number of jobs set forth in the Goals). The Developer agrees to contimte 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 in the report the information required in Subdivision 7 of the Jobs Act on forms developed by the Minnesota Department of Employment and Economic Development ("DEED"), and (iii) send information completed reports to the Commissioner of the DEED. The Developer agrees to file these reports no later than January 1 of each year commencing January 1, 2004, and within 30 days after the deadline for meeting the Goals. The City agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the City a penalty of $100 for each subsequent day until the report is filed up to a maximum of $3,000. (iv) Tile Developer agrees to continue operations consisting of the Minimum Improvements on file Development Property for at least five (5) years after the Benefit Date. With the exception of financing provided by SBA or the DEED, there are no other state or local government agencies pl'oviding financial assistance for the Project other than the City. (v) There is no parent cool, oration or oflmr entity of the Developer; and B. Thc folloxving Section 2.4 is added to the Agreement: Section 2.4 Legal and Administrative Expenses The Developer shall pay to tile City all of its legal and administrative expenses that arc incurred by the City in association with the amendment within 15 days of a written notice by the City indicating file legal :tnd administrative expenses that are cun'ently due and owing in an amount not to exceed $3,945.00. C. Section 8.5 of the Agreement is amended to provide as follows: Section 8.5 Excess Net Tax Increment. Any excess net tax increment shall be retained by the City for other improvements within the Development District except the amount of $50,000.00 which will be paid to the Developer in 2006 upon completion of the Phase II project to be constructed by the Developer in 2004. Said excess tax increment, if available, shall be paid to the Developer by the City over that period of time in which the City receives said excess from Anoka County, and in no event shall the City be obligated to pay any excess beyond the tax year 2005, and payable in 2006. This contingent obligation by the City to pay excess net tax increment shall be without interest payable to the Developer. D. Except as added or amended above, all terms and conditions of the Agreement shall continue in full force and effect. E. Capitalized terms not otherwise defined in this First Amendment are to be given those definitions assigned them in the Agreement.