02/28/2005 Council Packet - Laserfiche WebLink

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(5) The subsidy is needed to induce Developer to locate its business at this site, and to mitigate the cost of land acquisition compared to comparable sites available elsewhere. (6) The Developer must continue operation of the Minimum Improvements as a distribution, warehouse or manufacturing facility (a "Qualified Facility ") through the Maturity Date. During any period while the Minimum Improvements are vacant and not operated as a distribution, warehouse or manufacturing facility, the Minimum Improvements will not constitute a Qualified Facility. (7) The Developer's parent corporation is The Schwan Food Company. (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 Minimum Improvements. (b) Job and Wage Goals. Within two years after substantial completion of the Minimum Improvements (the "Compliance Date "), the Developer shall cause to be created at least 6 new full -time equivalent jobs on the Development Property (over and above the 31 full time equivalent jobs previously existing in the State as of the date of this Agreement and relocated to this site) and shall cause the wages for the 6 additional employees on the Development Property to be no less than $9.00 per hour, exclusive of benefits. Notwithstanding anything to the contrary herein, if the wage and job goals described in this paragraph are met by the Compliance Date, those goals are deemed satisfied despite the Developer's continuing obligations under Sections 3.6(a)(6) and 3.6(d). The Authority may, after a public hearing, extend the Compliance Date by up to one year, provided that 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 the goals described in Section 3.6(a)(3), the Developer shall repay to the Authority upon written demand from the Authority a "pro rata share" of the amount of any Note payments made to the Developer together with interest on that amount at the implicit price deflator for government consumption expenditures and gross investment for state and local governments prepared by the Bureau of Economic Analysis of the United States Department of Commerce for the 12 -month period ending March 31 of the previous year, accrued from the date of substantial completion of the Minimum Improvements to the date of payment. The term "pro rata share" means percentages calculated as follows: (i) if the failure relates to the number of jobs, the jobs required less the jobs created, divided by the jobs required; (ii) 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; (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 SJB- 258192v3 LN I40 -89 9