09/22/2003 Council Packet - Laserfiche WebLink

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(4) If the goals described in clause (3) are not met, the Developer must make the • payments to the Authority described in Section 3.6(c). • (5) The subsidy is needed to induce Developer to locate its business at this site, and to mitigate the cost of Site Improvements, all as determined by the Authority upon approval of the TIF Plan. (6) The Developer must continue operation of the Minimum Improvements as a distribution, warehouse or manufacturing facility (a "Qualified Facility ") through the Maturity Date. The improvements will be a Qualified Facility as long as either (a) the Minimum Improvements are leased to the Tenant, who operates a distribution facility, (b) any successor tenant leases the property and operates a distribution, warehouse or manufacturing business, or (c) the Developer directly occupies the property as a distribution, warehouse or manufacturing business. 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 does not have a parent corporation. (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 new full -time equivalent jobs on the Development Property (excluding any jobs previously existing in the State as of the date of this Agreement and relocated to this site) and shall cause the wages for all employees on the Development Property to be no less than $ per hour, exclusive of benefits. Jobs created by tenants within the Minimum Improvements will count toward the requirements of this Section. 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 as defined in Minnesota Statutes, Section 275.50, subd. 2, 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; SJB- 237079v2 LN140 -81 9