08/14/2000 Council Packet - Laserfiche WebLink

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• ARTICLE X Business Subsidy Act Requirements Section 10.1. Compliance with Business Subsidy Provisions. The parties agree and represent to each other as follows: (a) The subsidy provided to the Developer pursuant to this Agreement consists of the assumption of the Special Assessments in the principal amount of $70,185 and the Native Vegetation Maintenance Grant of $2,000, if the Developer installs native vegetation. The Development Property is located within the Authority's TIF District No. 1 -9, an economic development district. (b) The public purposes of the subsidy are to promote development of a site within the City's industrial park, make fuller use of existing public infrastructure which is currently under- utilized, generate spin -off development within the community, increase jobs in the City and the State, and increase the tax base of the City and the State. (c) The goals for the subsidy are to secure construction of the Minimum Improvements on the Property; to maintain the Minimum Improvements as a manufacturing facility for at least five years as described in clause (f) below; and to create the jobs and wage levels in accordance with Section 10.2 of this Agreement. (d) If the goals described in clause (c) above are not met, the Developer must make the payments to the Authority described in Section 10.3 of this Agreement. (e) The subsidy is needed because the cost of acquiring the Property at fair market value plus the cost of the Special Assessments make development of the site financially infeasible without public assistance. (f) The Developer must continue operation of the Minimum Improvements as a manufacturing facility for at least five years after the date of issuance of the Certificate of Completion. (g) The Developer does not have a parent corporation. (h) 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 purchase of the Property or construction of the Minimum Improvements. (i) For purposes of this Article X, the Developer includes any party to whom the Developer leases the Property or Minimum Improvements. Section 10.2. Job and Wage Goals. Within two years after the earlier of the date of issuance of the Certificate of Completion or the date the Developer occupies the Property (the "Compliance Date "), the Developer shall cause to be created at least sth— new full-time RHB- 183373v1 15 LN140 -73