12-19-2001 Council Agenda - Laserfiche WebLink

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years from the "Benefit Date ", which is the date the Authority conveys the Redevelopment Property to the Developer. (b) If the Goals are not met, the Developer agrees to repay all or a part of the Business Subsidy to the City, plus interest ( "Interest ") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will repay a portion of the Business Subsidy (plus Interest) determined by multiplying the Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which were not created at the wage level set forth above and the denominator of which is (i.e. number of jobs set forth in the Goals). (c) The Developer agrees to (i) report its progress on achieving the Goals to the City until the Goals are met, or the Business Subsidy is repaid, whichever occurs earlier, (ii) include in the report the information required in Subdivision 7 of the Jobs Act on forms developed by the Minnesota Department of Trade and Economic Development, and (iii) send completed reports to the City. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 2005, and within 30 days after the deadline for meeting the Goals. The City agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the City a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (d) The Developer agrees to continue operations on the Redevelopment Property for at least five (5) years after the Benefit Date (e) There are no other state or local government agencies providing financial assistance for the development of the Redevelopment Property other than the City. (f) There is no parent corporation of the Developer. 14.9. Memorandum. Either Party may, at its own cost and expense, prepare a memorandum of this Agreement and submit it to the other Parties for execution. Each Party has an obligation to have an appropriate representative execute and acknowledge a memorandum of this Agreement if requested by another Party and to otherwise cooperate with the requesting Party in the preparation, execution and recording of a memorandum of this Agreement. 14.10. Attorney's Opinion. Contemporaneously with the Developer's execution of this Agreement, the Developer must deliver to the City and the Authority an opinion of Developer's Counsel in the form attached as Exhibit F. 1353333vDOC Red (V3 to V2) Page 134