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(2) The public purposes of the subsidy are to maintain an existing business in the City that would relocate without the subsidy, facilitate expansion of a viable business in the City, retain jobs in the City and the State, and increase the tax base of the City and the State. (3) The goals for the subsidy are: to secure development of the Minimum Improvements on the Development Property; to maintain such improvements as a warehouse and distribution facility with related office space for the time period described in clause (6) below; and to retain the jobs and wage levels in accordance with Section 3.4(b) hereof. (4) The subsidy is needed to induce Tenant to maintain and expand its business in the City, and to mitigate the costs of public improvements and soil corrections costs, all as determined by the Authority upon approval of the TIF Plan. (5) If the goals described in clause (3) are not met, the Developer must make the payments to the City described in Section 3.4(c). (6) The Developer must continue (or cause to be continued) operation of the Minimum Improvements (as hereinafter defined) as a warehouse and distribution facility with related office space for at least five years after the Benefit Date. The Improvements will meet this requirement so long as the Minimum Improvements are used by Tenant for the aforementioned uses. During any period when the Minimum Improvements are vacant and not operated for the aforementioned qualified uses, the Minimum Improvement will not meet the requirements of this Section 3.4(a)(6). (7) The Developer's parent company is United Properties Investment LLC. (8) 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 the Development Property or the construction of the Minimum Improvements other than the tax increment financing described in Section 3.3 hereof. (b) Job and Wage Goals. Within two years after the Benefit Date (the "Compliance Date"), the Developer shall cause (i) the retention of sixty (60) full-time equivalent jobs in the City on the Development Property, and (ii) the hourly wage of the jobs to be retained under subdivision (i) to be at least 110% of the federal minimum wage, exclusive of benefits. The "Benefit Date" is the earlier of. (i) the date of issuance of the Certificate of Completion for the Minimum Improvements, or (ii) the date the Developer or Tenant occupies the Minimum Improvements as evidence by the Developer's receipt of a certificate of occupancy for the Minimum Improvements. Notwithstanding anything to the contrary herein, if the wage and job goals described in this paragraph are met within the Compliance Date, those goals are deemed satisfied despite the Developer's continuing obligations under Sections 3.4(a)(6) and 3.4(d). The Authority may, after public hearings held by the Board of Commissioners of the Authority and approval by both bodies, extend the date for compliance with these job and wage covenants by up to one year, provided that 9 482405v6