Agenda - Council - 03/08/2005 - Laserfiche WebLink

Home

(h) (i) The Developer wilt' c°0pera~e 'x~kiih the City with respect to any litigation, other than litigation in~iwhich the ?ity and the Developer are adverse parties, commenced with;irespeet~t0~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.995i(the. Bu~it~ess Subsidies Act), the Developer acknowledges and agrees {hat the Mount of the Business Subsidy granted by the City to the DeveloPer under: [this :Agreement is One Hundred Thousand and 00/100's D~llars (Sip0,000) which is an amount equal to the financial assistance provided ~y; the~: City that includes the Development Property, public impr0vement~,,'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 l Tax Increment District is an economic development district and':the public purpose of the Business Subsidy is to encourage ~e redeV~l~>prrient of the Development Property in the City. The Developer agree~ t~aatlit will meet the following goals (the "Goals"): It will creafe at:least-lfot~ (4) full time jobs in connection with the operation aOfl main~e;na!me of the Minimum Improvements at an hourly wage of at ieast $14.00 petlhour within two years from the Benefit Date, which is tli~ date Of:the ibuilding permit issued by the city for the constrUction of the Minlmtlm Improvements. (ii) If the Goals: are not me..t, 'the Developer agrees to repay all or a part of the BUsiness SUbsidy to' the City, plus interest ("Interest") set at the implicit price deflat0~ define~ in Mmnesota Statutes, Section 275.70, Subdlvls~on 2, 'accrUing' fr°m and ~tfter the Benefit Date, compounded semiannually. If the Goals ,~e met i.n ~par~; the Developer will repay a portion of the BUsiness S%sidY:(Pl~4~t~erest) determined by multiplying the Business Subsidy by ~ fractiOn~ the nUmerator of which is the number of jobs in the GOals which; were not cremated at the wage level set forth above and the denominatot~of which is four (4) (i.e. number of jobs set forth in the Goals). Th¢ iDevelop.e~, agrees to continue its operations consisting of the Minimum ImprOvem&nts On the Development Property for at least five years after t~ Benefi{ (iii) The Develo!~_~r agrees, to (i)report its progress on achieving the Goals to the City ~1 the '.GOals ai'e 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 i6f Empl0~ment and Economic Development, and (iii) send completed r~PoTM to ~ City. The Developer agrees to file these reports with the Ci~ no later 1hah january 1 of each year commencing January 1, 2005, and vd. thin 30: daYS after the deadline for meeting the Goals. The City agrees _~at if it dPes not receive the reports, it will mail the Developer