12-19-2001 Council Agenda - Laserfiche WebLink

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receives the notice. 14.3. Counterparts. This Agreement may be executed in any number of counterparts, each of which constitutes one and the same instrument. Parties may execute separate counterparts of this Agreement at different times and places and provide for the later assembly of the separate signature pages into one, fully executed Agreement. 14.4. Modification. This Agreement may not be modified unless the modification is set forth in writing in an instrument the Authority, the City and the Developer execute. 14.5. Merger and Relationship with Other Documents. This Agreement and the related agreements referenced herein, including, but not limited to, the Purchase Agreement. The Assessment Agreement, the Developer Note and the Developer Mortgage express the entire agreement among and between the Authority, the City and the Developer with respect to the Developer's development of the Redevelopment Property and any and all prior agreements, whether written or oral, are merged herein. In the event of a conflict between this Agreement and one or more of the other Developer Documents, the terms of the other Developer Documents control. 14.6. Law Governing. This Agreement will be governed and construed in accordance with the laws of the State. 14.7. Authority Approval. Any approval, execution of documents, or other action to be taken by the City or the Authority pursuant to this Agreement for the purpose of carrying out the terms of this Agreement or for the purpose of determining the sufficiency of the Developer's perfonnance under this Agreement other than the execution of the Purchase Agreement and the execution of the Assessment Agreement, may be made, executed or taken by the City's and Authority's staff without further approval by the City Council or Board of Commissioners of the Authority. 1353333vDOC Red (V3 to V2) 14.8. Business Subsidy Act. (a) To satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 1161995 (the "Business Subsidies Act "), the Developer acknowledges and agrees the amount of the "Business Subsidy" granted to the Developer under this Agreement is the value of the Redevelopment Property which, for purposes of this Section 14.8(a), is $5.00 per square foot plus the amount of the unpaid principal balance and accrued, unpaid interest due under the Developer Note and that the Business Subsidy is needed because the development of the Redevelopment Property is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is a redevelopment district and the public purpose of the Business Subsidy is to encourage The Developer agrees that it will meet the following goals (the "Goals "): It will create at least _ full time jobs in connection with the development of the Development Property at an hourly wage of at least $ per hour within two Page 133