Laserfiche WebLink
or instrument of whatever nature to which the Developer is now <br /> a party or by which it or its property is bound or will <br /> constitute a default under any of the foregoing. <br /> (f) _She„ Developer-represents:_that sitsµwould_.not_be able; <br /> to:.;undertake, complete and .provide x.for:..the . operation of the 1 <br /> Improvements in the..reasonably-foreseeable_,future, without ;,the <br /> assistance.,: to. _ be ,_, provided- . by . the Authority , .under this <br /> Agreement . <br /> (g) The Developer represents that it owns the <br /> Development Property or has executed binding agreements to <br /> purchase the Development Property from the owners thereof. <br /> (h) The„Developer; covenants that -it will,lease not _less ;,� <br /> than 20,,000 squ are feet__`_of -the-":-building portion of the-7 <br /> Improvements to Midwest.. I.V. , , Inc. ,, a Minnesota..,corporation„ <br /> and that throughout ;the.; Term. said.corporation shall occupy <br /> said premises_,,,as -its-`corporate headquarters and operations <br /> center. <br /> (i) The Authority has provided to the Developer, and the <br /> Developer acknowledges receipt of, a copy of Laws of Minnesota <br /> for 1995, Chapter 224, Section 58, to be codified in Minnesota <br /> Statutes, Section 116J. 991, and entitled "Public Assistance to . <br /> Business; Wage and Job Requirements, " requiring that within 2 <br /> years of receiving the assistance provided pursuant to this 110 <br /> Agreement, which for this purpose shall be deemed to be the 2 <br /> year period beginning on the date of execution and delivery of <br /> the EDA Note, the Developer shall comply with certain jobs and <br /> other obligations stated in the above-mentioned statute . The <br /> Developer hereby covenants to comply with said obligations, <br /> and the ' Parties ,agree that said goal level shall be the <br /> creation of -id permanent full-time jobs .within the applicable <br /> 2 year period. The Developer acknowledges and agrees that, as <br /> required by this statutory provision, failure to meet said <br /> goals will result in an Event of Default hereunder and in an <br /> obligation of the Developer to repay all of the assistance <br /> provided pursuant to this Agreement and the EDA Note. The <br /> Developer further agrees that said jobs shall have an hourly <br /> wage of at least $ 6.50 per hour. This subparagraph (i) <br /> shall not be construed as imposing on the Developer any <br /> obligation beyond the scope and purpose of the above-mentioned <br /> statute to maintain or provide minimum employment and wage <br /> levels . The Developer further agrees to provide to the <br /> Authority in a timely manner, or to the State of Minnesota, as <br /> may be applicable, with such information and detail about the <br /> Improvements as may be necessary, including information <br /> relating to the employment and wage levels described in this <br /> subparagraph and the compliance with any reporting <br /> S <br /> 298106.1 2-3 <br />