07-28-1999 Council Agenda - Laserfiche WebLink

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Section 11.7. Law Governing. This Agreement will be governed and construed in accordance with the laws of the State. Section 11.8. Legal Opinions. Upon execution of this Agreement the Developer shall deliver an opinion of counsel to the Developer in the form attached hereto as Exhibit F. Section 11.9. Jobs Act. In order to satisfy the provision of Minnesota Statutes, Section 116J.991 (the "Jobs Act "), the Developer agrees to satisfy certain minimum wage and employment goals by causing to be created within two years from the date of this Agreement [at least 20 full time equivalent jobs at the Project in connection with the operation thereof at an hourly wage of at least $10.00 per hour.`] Upon satisfying these goals, nothing herein shall be construed as imposing on the Developer any obligation beyond any obligation otherwise imposed by law to cause such minimum employment and wage levels to be maintained. In the event that these goals are not met, the Developer, the City shall enter into an agreement providing for the repayment to the City of the financial assistance provided by the City to the Developer pursuant to this Agreement. If the Jobs Act is amended or repealed, this Section 11.9 and Section 11.10 (as applied to the Jobs Act) shall be deemed amended or shall terminate and be of no force and effect to conform to said amendment or repeal, as the case may be. Section 11.10. Reports. Subject to Section 11.9, the Developer shall provide the City reports in a timely manner with such information about the Project as the City may reasonably request, including information regarding goals as to minimum employment and wage levels set forth in Section 11.9, for purposes of satisfying any reporting requirements imposed by law on the City. * revise? 1054867.2 Page 91