07-25-2016 EDA Packet - Laserfiche WebLink

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nothing in this Section will be construed to limit the Authority's legislative discretion regarding this matter. (c) Remedies. If the Developer fails to meet or maintain (or cause to be met or maintained) the goals described in Section 3.4(a)(3), the Note and this Agreement will be deemed terminated, and the Developer shall repay to the Authority upon written demand from the Authority a "pro rata share" of prior payments under the Note, if any, together with interest on such amounts at the implicit price deflator as defined in Section 116J.994, subdivision 6 of the Business Subsidy Act, accrued from the date of issuance of the Certificate of Completion to the date of payment. The term "pro rata share" means percentages calculated as follows: (1) if the failure relates to the number of jobs, the jobs required less the jobs retained, divided by the jobs required; (2) if the failure relates to wages, the number of jobs required less the number of jobs that meet the required wages, divided by the number of jobs required; (3) if the failure relates to operation of the Minimum Improvements in accordance with Section 3.4(a)(6), sixty (60) less the number of months of operation of the Minimum Improvements (where any month in which the facility is in operation for at least fifteen (15) days constitutes a month of operation), commencing on the date of the certificate of completion and ending with the date the facility ceases operation as determined by the Authority, divided by sixty (60); and (4) if more than one of clauses (1) through (3) 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 3.4(a)(3), the Developer agrees and understands that it may not receive a business subsidy from the Authority or any other grantor (as defined in the Business Subsidy Act) for a period of five (5) 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 shall cause the Tenant to submit to the Authority a written report regarding business subsidy goals and results by no later than March 1 of each year, commencing March 1, 2017 and continuing until the later of (i) the date the goals stated in Section 3.4 (a)(3) are met; (ii) thirty (30) days after expiration of the five-year period described in Section 3.4(a)(6); or (iii) if the goals are not met, the date the subsidy is repaid in accordance with Section 3.4(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 fourteen (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 is $1,000. 10 482405v6