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(f) The Developer represents that it would not be able <br /> to undertake the Improvements in the reasonably foreseeable <br /> future without the assistance to be provided by the Authority <br /> under this Agreement. <br /> (g) The Developer currently owns the Development <br /> Property and represents that it consists of approximately <br /> 300, 038 square feet of land area. The Developer represents <br /> that the Development Property consists of tax parcel numbers <br /> 08 –_30 –_23 144 10002, .10012 and -0016 and 08 -30 –1.23 <br /> —41 °0012 and that, for property taxes payable in 1997, the <br /> tax capacity of the Development Property is $22,342. <br /> (h) The Developer acknowledges that it has reviewed <br /> Minnesota Statutes, Section 116J. 991, and entitled "Public <br /> Assistance to Business; Wage and Job Requirements, ' requiring <br /> that within 2 years of receiving the assistance provided <br /> pursuant to this Agreement, which for this purpose shall be <br /> deemed to be the 2 year period beginning on the date of the <br /> Certificate of Completion, the Developer shall comply with <br /> certain jobs and other obligations stated in the above <br /> -mentioned statute. The Developer hereby covenants to comply <br /> with said obligations, and the Parties agree that said goal <br /> level shall be the creation of at least 2 permanent full = <br /> _time jobs within the applicable 2 year period. The Developer <br /> acknowledges and agrees that, as required by this statutory <br /> provision, failure to meet said goals will result in an Event <br /> of Default hereunder and in an obligation of the Developer to <br /> repay all of the assistance provided pursuant to this <br /> Agreement. The Developer further agrees that said jobs shall <br /> have an hourly wage of at least $6.50 per hour, inclusive of <br /> - benefits. This subparagraph shall not be construed as <br /> imposing on the Developer any obligation beyond the scope and <br /> purpose of the above -7mentioned statute to maintain or <br /> provide minimum employment and wage levels . The Developer <br /> further agrees to provide to the Authority in a timely manner, <br /> or to the State of Minnesota, as may be applicable, with such <br /> information and detail about the Improvements as may be <br /> necessary, including information relating to the employment <br /> and wage levels described in this subparagraph and the <br /> compliance with any reporting requirements imposed by law with <br /> respect thereto on either the Authority or the Developer. <br /> (i) In practice, the Developer reasonably expects that <br /> upon the completion and full occupancy of the Improvements <br /> there could well be as many as 20 jobs provided, but this <br /> expectation is not intended by the Parties and shall not be <br /> construed as a performance covenant hereunder or a standard <br /> against which compliance with subsection (h) above or <br /> Minnesota Statutes, Section 116J.991, shall be determined. <br /> 334455.RED <br /> VE to v4 9/1O/99 2-3 <br /> 11d 7 l 1 Z9'L 19G9 'OIC/19 :90 1S/99 :90 96 11 60 (INd) NI/DHOW SDo INR ONd <br />