08-14-2000 EDA Packet - Laserfiche WebLink

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ARTICLE X Business Subsidy Act Requirements Section 10.1. Compliance with Business Subsidy Provisions. The parties agree and represent to each other as follows: (a) The subsidy provided to the Developer pursuant to this Agreement consists of the Property Write Down in the amount of $174,403, assumption of the Special Assessments in the amount of $139,839 and reimbursement of up to $3,000 for the additional cost of maintaining native vegetation, if the Developer installs native vegetation. The Development Property is located within the Authority's TIF District No•. 1-9, an economic development district. (b) The public purposes of the subsidy are to promote development of a site within the City's industrial park, make fuller use of existing public infrastructure which is currently under- utilized, generate spin-off development within the community, increase jobs in the City and the State, and increase the tax base•of the City and the State. (c) The goals for the subsidy are to secure construction of the Minimum Improvements on the Property; to maintain the Minimum Improvements as a warehouse/distribution facility for at least five years as described in clause (f) below; and to create the jobs and wage levels in accordance with Section 10.2 of this Agreement. (d) If the goals described in clause (c) above are not met, the Developer must make the payments to the Authority described in Section 10.3 of this Agreement. (e) The subsidy is needed because the cost of acquiring the Property at fair market value plus the cost of the Special Assessments make development of the site financially infeasible without public assistance. (f) The Developer must continue operation of the Minimum Improvements as an industrial facility for at least five years after the date of issuance of the Certificate of Completion. (g) The Developer's parent corporation is The Marmon Corporation, a Delaware corporation, located at 225 West Washington, Chicago, Illinois 60606-3418. (h) The Developer has not received, and does'not expect to receive financial assistance from any other grantor as defined in the Business Subsidy Act in connection with purchase of the Property or construction of the Minimum Improvements. (i) For purposes of this Article X, the Developer includes any party to whom the Developer leases the Property or Minimum Improvements. Section 10.2. Job and Wage Goals. Within two years after the earlier of the date of issuance of the Certificate of Completion or the date the Developer occupies the Property (the "Compliance Date"), the Developer shall cause to be created at least four new full-time equivalent jobs on the Property, and shall cause the wages for the four new employees to be no less than R1-1B-183249v3 16 LN 140-72