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compounded semiannually. If the Goals are met in part, the Developer will repay a portion of the <br />Business Subsidy (plus Interest) determined by multiplying the Business Subsidy by a fraction, <br />the numerator of which is the number of jobs in the Goals which were not created at the wage level <br />set forth above and the denominator of which is fifty-five (55) (i.e. number of jobs set forth in the <br />Goals). <br />(3) The Developer agrees to (i) report its progress on achieving the Goals to the City <br />until the later of the date the Goals are met or two (2) years from the Benefit Date, or, if the Goals <br />are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information <br />required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the <br />Minnesota Department of Employment and Economic Development, and (iii) send completed <br />reports to the City. The Developer agrees to file these reports no later than March 1 of each year, <br />commencing March 1, 2027, and within 30 days after the deadline for meeting the Goals. The <br />City agrees that if it does not receive the reports, the City will mail the Developer a warning within <br />one week of the required filing date. 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 penalty of $100 for each subsequent <br />day until the report is filed up to a maximum of $1,000. <br />(4) In addition to the assistance the City is granting to the Developer pursuant to this <br />Agreement, the Developer also intends to apply for financial assistance from other "grantors" as <br />defined in the Business Subsidies Act in connection with the Project, including the Minnesota <br />Department of Employment Economic Development (Minnesota Investment Fund and Job <br />Creation Fund). <br />(5) <br />There is no parent corporation of the Developer. <br />(6) The Developer agrees to continue operations on the Development Property for at <br />least five (5) years after the Benefit Date. <br />(7) The Developer certifies that it does not appear on the Minnesota Department of <br />Employment and Economic Development's list of recipients that have failed to meet the terms of <br />a business subsidy agreement. <br />8 <br />196118333v1 <br />