08-25-1997 EDA - Laserfiche WebLink

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• agreement, or instrument of whatever nature to which the • Developer is now a party or by which it or its property is bound or will constitute a default under any of the foregoing. (f) The Developer represents that it would not be able to undertake the Improvements in the reasonably foreseeable future without the assistance to be provided by the Authority under this Agreement . (g) The Developer currently owns the Development Property and represents that it consists of approximately 300, 038 square feet of land area. The Developer represents that the Development Property consists of tax parcel numbers 08-30-23-44-0002, -0012 and -0016 and 08-30-23-41-0012 and that, for property taxes payable in 1997, the tax capacity of the Development Property is $22,342 . (h) The Developer acknowledges that it has reviewed Minnesota Statutes, Section 116J. 991, and entitled "Public Assistance to Business; Wage and Job Requirements, " requiring that within 2 years of receiving the assistance provided pursuant to this Agreement, which for this purpose shall be deemed to be the 2 year period beginning on the date of the Certificate of Completion, the Developer shall comply with certain jobs and other obligations stated in the above- mentioned statute. The Developer hereby covenants to comply with said obligations, and the Parties agree that said goal level shall be the creation of at least 2 permanent full-time jobs within the applicable 2 year period. The Developer acknowledges and agrees that, as required by this statutory provision, failure to meet said goals will result in an Event of Default hereunder and in an obligation of the Developer to repay all of the assistance provided pursuant to this Agreement . The Developer further agrees that said jobs shall have an hourly wage of at least $6 . 50 per hour, inclusive of benefits. This subparagraph shall not be construed as imposing on the Developer any obligation beyond the scope and purpose of the above-mentioned statute to maintain or provide minimum employment and wage levels . The Developer further agrees to provide to the Authority in a timely manner, or to the State of Minnesota, as may be applicable, with such information and detail about the Improvements as may be necessary, including information relating to the employment and wage levels described in this subparagraph and the compliance with any reporting requirements imposed by law with respect thereto on either the Authority or the Developer. (i) In practice, the Developer reasonably expects that upon the completion and full occupancy of the Improvements there could well be as many as 20 jobs provided, but this • 334455.4 2-3