08-22-2001 Council Agenda - Laserfiche WebLink

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12.5. Modification. This Agreement may not be modified unless the modification is set forth in writing in an instrument executed by authorized representatives of the City and the Developer. 12.6. 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 and the Personal Guaranty express the entire agreement among and between the City and the Developer with respect to the Developer's development of the Project and any and all prior agreements, whether written or oral, are merged herein. 1316916v1 12.7. Law Governing. This Agreement will be governed and construed in accordance with the laws of the State 12.8. Authority Approval. Any approval, execution of documents, or other action to be taken by the City 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 performance under this Agreement, may be made, executed or taken by the City's staff without further approval by the City Council. 12.9. Business Subsidy Act. (a) To satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act "), the Developer acknowledges and agrees that the amount of the "Business Subsidy" granted to the Developer under this Agreement is $ $256,792.00 which is the estimated difference between the City's cost of acquiring the Development Property and the purchase price of the Development Property set forth in the Purchase Agreement and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is a Development Project 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 —5 full time jobs in connection with the development of the Development Property at an hourly wage of at least $ S 15.00 per hour within two years from the "Benefit Date ", which is the date the City conveys the Development 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 —5 (i.e. number of jobs set forth in the Goals). -1-4 20 Page 65