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BUSINESS SUBSIDY AGREEMENT THIS AGREEMENT, made on or as of the day of , 2003, by and between the City of Falcon Heights, a Minnesota municipal corporation (hereinafter referred to as the "City"), and Falcon Heights Town Square Limited Partnership, a Minnesota limited partnership (hereinafter referred to as the "Multifamily Developer"). WHEREAS, the Multifamily Developer and the City have entered into a Development Agreement dated effective as of , 2003, (the "Contract") pursuant to which the Multifamily Developer has agreed to construct a mixed use residential/commercial development within the City; and WHEREAS, in order to induce the Multifamily Developer to undertake such development, the City has agreed in the Contract to provide certain assistance to the Multifamily Developer by reimbursing the Multifamily Developer for certain costs of preparing such property for construction of the development; and WHEREAS, Minnesota Statutes, sections 116J.993 to 116J.995, provides that a government agency that provides financial assistance for certain purposes must enter into a business subsidy agreement setting forth goals to be met and the financial obligations of the recipient of the assistance if the goals are not met; and • WHEREAS, the City Council of the City has held a public hearing concerning the assistance to be provided to the Multifamily Developer and has determined that the goals sought to be accomplished by assisting the Multifamily Developer do not include wage and job goals; and WHEREAS, the City and the Multifamily Developer agreed in the Contract that they would enter into this Business Subsidy Agreement to satisfy the requirement of sections 116J.993 to 116J.995. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE I Definitions Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "Act" means Minnesota Statutes, Sections 116J.993-.995. "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented.