07-25-2016 EDA Packet - Laserfiche WebLink

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Section 3.5. Maintenance of Minimum Improvements as Qualified Facility. The Developer understands and acknowledges that until the Termination Date, the Developer, and its successors and assigns, shall use or cause the Tenant to use the Development Property and the Minimum Improvements thereon only as a Qualified Facility. The Developer agrees to pay or cause the Tenant to pay ninety percent (90%) or more of the employees at the Qualified Facility at a rate equal to or greater than one hundred and sixty percent (160%) of the federal minimum wage for individuals over the age of twenty (20). If the Developer fails to comply with the requirements of this Section 3.5, the Authority will decertify the TIF District and cease payments to the Developer under the TIF Note. The Developer shall cause the Tenant to submit to the Authority a written report regarding the requirements of this Section 3.5 by no later than March 1 of each year, commencing March 1, 2017. The written report required by this Section 3.5 may be combined with the written report required for business subsidy reporting described in Section 3.4(d). Section 3.6. City Development Agreement. As set forth in the Development Agreement entered into between the City and the Developer (the "Development Agreement"), the Developer agrees as follows: (a) to construct an extension of 2 1 ' Avenue in the City; and (b) to construct all utilities necessary to serve the Minimum Improvements. Section 3.7. Payment of Administrative Costs. The Developer will deposit with the Authority $7,500 to pay Administrative Costs. The Authority will use such deposit to pay "Administrative Costs," which term means out of pocket costs incurred by the Authority, together with staff and consultant costs of the Authority, all attributable to or incurred in connection with the negotiation, preparation or modification of this Agreement, the TIF Plan, and other documents and agreements in connection with the establishment of the TIF District and development of the Development Property, and not previously paid by Developer. If at any time the Authority determines that the deposit is insufficient to pay Administrative Costs, the Developer is obligated to pay such shortfall within 30 days after receipt of a written notice from the Authority containing evidence of the unpaid costs. If Administrative Costs incurred, and reasonably anticipated to be incurred are less than the deposit by the Developer, the Authority shall return to the Developer any funds not anticipated to be needed. (The remainder of this page is intentionally left blank.) 11 482405v6