09-22-2003 EDA Packet - Laserfiche WebLink

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(iii) if the failure relates to maintenance of the facility as a Qualified Facility in accordance with Section 3.6(a)(6), 60 less the number of months of operation as a Qualified Facility (where any month in which the Qualified Facility is in operation for at least 15 days constitutes a month of operation), commencing on the date of substantial completion and ending with the date the Qualified Facility ceases operation as determined by the Authority Representative, divided by 60; and (iv) if more than one of clauses (i) through (iii) apply, the sum of the applicable percentages, not to exceed 100%. Nothing in this Section shall be construed to limit the Authority's remedies under Article IX hereof. In addition to the remedy described in this Section and any other remedy available to the Authority for failure to meet the goals stated in Section 3.6(a)(3), the Developer agrees and understands that it may not a receive a business subsidy from the Authority or any grantor (as defined in the Business Subsidy Act) for a period of five years from the date of the failure or until the Developer satisfies its repayment obligation under this Section, whichever occurs first. (d) Reports. The Developer must submit to the Authority a written report regarding business subsidy goals and results by no later than February 1 of each year, commencing February 1, 2005 and continuing until the later of (i) the date the goals stated Section 3.6(a)(3) are met; (ii) 30 days after expiration of the period described in Section 3.6(a)(6); or (iii) if the goals are not met, the date the subsidy is repaid in accordance with Section 3.6(c). The report must comply with Section 116J.994, subdivision 7 of the Business Subsidy Act. The Authority will provide information to the Developer regarding the required forms. If the Developer fails to timely file any report required under this Section, the Authority will mail the Developer a warning within one week after the required filing date. If, after 14 days of the postmarked date of the warning, the Developer fails to provide a report, the Developer must pay to the Authority a penalty of $100 for each subsequent day until the report is filed. The maximum aggregate penalty payable under this Section $1,000. (e) Nature of Obligation. The parties agree and understand that the Tenant will lease the Minimum Improvements, operate the distribution facility, and create the jobs required under this Section. Nevertheless, Developer remains obligated under this Section. SJB-237079v2 LN140-81 10