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01-23-2019 Council Packet
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01-23-2019 Council Packet
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11237553v3 <br /> <br /> <br /> 7 <br /> <br />(5) The TIF Note shall be a special and limited obligation of the City and not a <br />general obligation of the City, and only Tax Increments shall be used to pay the principal and <br />interest on the TIF Note. If, on any Note Payment Date, the Tax Increments for the payment of <br />the accrued and unpaid interest on the TIF Note are insufficient for such purposes, the difference <br />shall be carried forward, without interest accruing thereon, and shall be paid if and to the extent <br />that on a future Note Payment Date there are Tax Increments in excess of the amounts needed to <br />pay the accrued interest then due on the TIF Note. <br />(6) The City's obligation to make payments on the TIF Note on any Note Payment <br />Date or any date thereafter shall be conditioned upon the requirements that: (A) there shall not at <br />that time be an Event of Default that has occurred and is continu ing under this Agreement and <br />(B) this Agreement shall not have been rescinded pursuant to Section 4.2. <br />(7) The TIF Note shall be governed by and payable pursuant to the additional terms <br />thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note <br />and the terms of this Section 3.3, the terms of the TIF Note shall govern. The issuance of the <br />TIF Note pursuant and subject to the terms of this Agreement, and the taking by the City of such <br />additional actions as bond counsel for the TIF Note may require in connection therewith, are <br />hereby authorized and approved by the City. <br />Section 3.4. Business Subsidies Act. <br />(1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to <br />116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the <br />amount of the "Business Subsidy" granted to the Developer under this Agreement is $150,000 <br />which is the Reimbursement Amount for the construction of the Site Improvements and that the <br />Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to <br />undertake without the Business Subsidy. The Tax Increment District is an economic <br />development district and the public purpose of the Business Subsidy is to encourage the <br />development of a vacant building for food processing, warehousing and distribution. The <br />Developer agrees that it will cause the Tenant to meet the following goals (the "Goals") in <br />connection with the development of the Development Property. It will cause the Tenant to create <br />at least 18 full time jobs at an hourly wage and benefits totaling of at least $12.35 per hour plus <br />benefits within two years from the "Benefit Date", which is the earlier of the date the Developer <br />completes the construction of the Project or the Tenant occupies the Project. <br />(2) If no Goals are met, the Developer agrees to repay all of the Business Subsidy to <br />the City, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, <br />Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded <br />semiannually. If the Goals are met in part, the Developer will repay a portion of the Business <br />Subsidy (plus Interest) determined by multiplying the Business Subsidy by a fraction, the <br />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 18 (i.e. number of jobs set forth in the Goals). <br />(3) The Developer agrees to (i) report the progress of the Tenant on achieving the <br />Goals to the City until the later of the date the Goals are met or two years from the Benefit Date, <br />or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report
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