03/12/2001 Council Packet - Laserfiche WebLink

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(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 eight new full -time equivalent jobs on the Property at no less than $22.00/hour, exclusive of benefits. For purposes of this Article X, a full time job means one which requires at least 371/2 hours of work per week. Notwithstanding anything to the contrary herein, if the wage and job goals described in this Section 10.2 are met by the Compliance Date, those goals are deemed satisfied despite the Developer's continuing obligations under Sections 10.1(0 and 10.4. The Authority may, after a public hearing, extend the Compliance Date by up to one year, provided that nothing in this Section 10.2 will be construed to limit the Authority's legislative discretion regarding any such extension. Section 10.3. Remedies. If the Developer fails to meet the goals described in Section 10.1(c), the Developer shall repay the Authority a pro rata share of the amount of the subsidy granted by this Agreement, plus interest on said amount at the implicit price deflator as defined in Minnesota Statutes, Section 275.50, subd. 2, accrued from the date of issuance of the Certificate of Completion to the date of payment. The repayment shall be made by the Developer within thirty (30) days of written demand by the Authority. 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 manufacturing facility in accordance with Section 10.1(0, 60 less the number of months of operation as a manufacturing facility (where any month in which the facility is in operation for at least 15 days constitutes a month of operation), commencing on the date of the Certificate of Completion ending with the date the facility ceases operation as determined by the Authority, divided by 60; and (iv) if more than one of clauses (i) through (iii) apply, the sum of the applicable percentages, not to exceed 100 %. Nothing in this Section 10.3 shall be construed to limit the Authority's remedies under Article IX hereof. In addition to the remedy described in this Section 10.3 and any other remedy available to the Authority for failure to meet the goals stated in Section 10.1(c), the Developer agrees and understands that its may not a receive a business subsidy from the Authority or any grantor as defined in the Business Subsidy Act for a period of five years from the date of the failure or until the Developer satisfies its repayment obligation under this Section 10.3, whichever occurs first. Section 10.4. Reports. The Developer must 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, 2002 and continuing until the later of (i) the date the goals stated Section 10.1(c) are met; RHB- 192977v2 17 LN140 -75