Agenda - Council - 06/08/2004 - Laserfiche WebLink

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(h) Th~, Developer will cooperate with the City with respect to any litigation, other th~,~ litigation in which the City and the Developer are adverse parties, co~mnenced with respect to the TIF Plan, the Program, or Minimum Iml~rovements. 13u,~;iuoss Subsidies \ct. In etd (:r to s:tti s/y the provisions of Minnesota Statutes, Sections 116J.993 to 1]6J.995 (the Business Subsidies Act), the Developer acknowledges and agrees tttm fl~e amount of the Business Subsidy granted by the City to the Dcvelopt:r under this Agreement is Sixty-five Thousand and 00/100's Dolhtrs ($65,000) which is an amount equal to the financial assistance provided by tht; City that includes the Development Property, public improvemen!s, and capitalized interest. The Developer further acknowlcdgc:~ that the Business Subsidy is needed because the Project is not .~;u['ficie~tly 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 encour~tge thee r~:development of the Development Property in the City. The l)cvelopor agrees that it will meet the following goals (the "Goals"): It will creat.~ at least five (5) full time jobs in connection with the opcr~!tion antl maintenance of the Minimum Improvements at an hourly wage o[' at lc:~tst $12.00 per hour within two years from the Benefit Date, which is thc: date of the building permit issued by the city for the co n st mc ti on ,, f th e Mi ni mum Improvements. (ii) If the ( ',oals ~re ~ot met, the Developer agrees to repay all or a part of the tlttsMcss Subsidy to the City, plus interest ("Interest") set at the implicit price dcflatoi defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing fi'<)m and after the Benefit Date, compounded semiannually. If thc Go:tls at',: tiler in part, the Developer will repay a portion of the Busi~qoss Sub,girly (plus Interest) determined by multiplying the Business Subsidy hy a i'r~tction, the numerator of which is the number of jobs in the Goals which we~'e not created at the xvage level set forth above and the denominator <>'1' which is five (5) (i.e. number of jobs set forth in the Goals). l'he i)cxeloper agrees to continue its operations consisting of the Minimum Imm:ovements on the Development Property for at least five years aflcr th( Benefit Date. The Devclopt~· a~,srees to (i) report its progress on achieving the Goals to the City untii the Goals are met, or the Business Subsidy is repaid, whichever oc~ m-s earlier, (ii) include in the report the information required in Subdivision] ? of the Jobs Act on forms developed by the Mim]esota Department o I' l~mployment and Economic Development, and (iii) send completed rel:,orb: to the City. The Developer agrees to file these reports with thc (Sty :~o later than January 1 of each year commencing January 1, 2005, a]td wilhin 30 days after the deadline for meeting the Goals. The City ago'ecs th~,t if it does not receive the reports, it will mail the Developer a warning witldn one week of the required filing date. If within 14 days of