Resolution 05-EDA207 - Laserfiche WebLink

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. . . (7) The Note shall be govcmed by and payable pursuant to the additional ten1lS thereof, as set fOl1h in Exhibit B. In the event of any conflict between the terms of the Note and the ten11S of this Section 3.2, the terms of the Note shall govem. The issuance of the Note pursuant and subject to the terms of this Agreement, and the taking by the Authority of such additional actions as bond counsel for the Note may require in connection therewith, are hereby authorized and approved by the Authority. Section 3.3. Business Subsidies Act. (1 ) In order to satisfy the provisions of Minnesota Statutes, Sections l16J .993 to 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the amount of the "Business Subsidy" granted to the Developer under this Agreement is limited to the Reimbursement Amount which is up to $250,000 for the costs of the Project paid by the Developer and reimbursed by Tax Increments, and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is a "redevelopment" district and the public purpose of the Business Subsidy is to develop new jobs within the City. The Developer agrees that it will meet the following goals (the "Goals"): It will create at least 40 full time jobs in cOlmection with the development of the Development Property at an hourly wage of at least S 18.00 per hour within two years from the "Benefit Date", which is the date the Project is completed. (2) If the Goals are not met, the Developer agrees to repay all or a part of the Business Subsidy to the City, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing [rom and after the Benefit Date, compounded semimmually. If the Goals are met in part, the Developer will repay a portion of the Business Subsidy (plus hlterest) detennined by multiplying the Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which were not created at the wage level set forth above and the denominator of which is 40 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report its progress on achieving the Goals to the Authority until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the infonnation required in Minnesota Statutes, Section 1161.994, Subd. 7 on fomls developed by the Minnesota Department of Trade and Economic Development, and (iii) send completed reports to the Authority. The Developer agrees to file these reports no later than March I of each year commencing March 1, 2006, and within 30 days after the deadline for meeting the Goals. The Authority agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the Authority a penalty of $1 00 for each subsequent day until the report is filed up to a maximum of $1 ,000. (4) The Developer agrees to cause operations to continue in the City for at least five (5) years after the Benefit Date. (5) SYSCO Corporation is the parent corporation ofthe Developer. 1796750vl 8