08-28-1995 EDA - Laserfiche WebLink

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5. The agreement includes a clause regarding job creation and wage levels over a two year period which • is a new requirement under the State of Minnesota approved in 1995. The requirement, according to Minnesota Law Chapter 224, Section 58, is included in the agreement Section 2.2 (i) on page 2-3 and will include the creation of a minimum of 10 full-time jobs with a wage of at least$6.50 per hour. The Bridges Leasing Company anticipates that the project will create more jobs than noted and the average wage level is much higher due to the technical nature of the businesses. 6. The agreement also includes, in Section 3.3 Construction Plans, a provision whereby the EDA will approve the final construction plans for the project prior to an obligation to take action on the provisions of the agreement. The construction plans will show, at a minimum, the following where applicable: site plan, foundation plan, basement plans, floor plans for each floor, cross sections, elevations, design plans (architectural style, facia, signing, lighting, landscaping, parking and interior traffic components), and driveway, walkways and parking improvements. This approval does not constitute approval for regular City building and zoning plan review for a building permit. The quality development of the Bridges Technology Center is very important as it sets the stage for future development of lots 1 and 2. The development assistance agreement meets all the criteria as prescribed by the State of Minnesota under Tax Increment Financing law. I have included Resolution No. 95-EDA-30 which approves and authorizes the execution of the Development Assistance Agreement with the Bridges Leasing Company for your consideration. If you have any questions with regards to the agreement or the project prior to Monday's EDA meeting please feel free to call me. •