07-23-2003 Council Agenda - Laserfiche WebLink

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(i) to report of the progress in achieving the Goals to Seller until the Goals are met or the Business Subsidy is paid, whichever occurs earlier; (ii) to include in the report the information Minn. Stat. § 1161994, Subdivision 7 requires on the Minnesota Department of Trade and Economic Development's forms; and (iii) send completed reports to Seller. Buyer agrees to file these reports no later than the first March 1 following Seller's conveyance of the Property to Buyer, and on each March 1 thereafter until the Goals are met or the Business Subsidy is repaid. Seller agrees that if it does not receive the reports, it will mail Buyer a warning. If Buyer does not make the required reports within 14 days of the postmarked date of Seller's warning to Buyer, Buyer agrees, in addition to any obligation Buyer may have to repay all or a portion of the Business Subsidy, to pay Seller a penalty of $100 for each day the report is not filed until the report is filed, up to a maximum of $1,000. (d) Buyer agrees that if Buyer acquires title to all or a portion of the Property, Buyer will cause the operation of one or more [_ office _] [_ restaurant /retail ] buildings to continue on the Property for a period of at least five years after Buyer acquires title to all or a portion of the Property. (e) Buyer represents and warrants to Seller that there are no other state or local government agencies providing financial assistance to the project. 1455685v2