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78 <br /> • 4. Job and Wage Goals for the Business Subsidy. Following a public hearing the Grantor <br /> has determined that the creation or retention of jobs is not a goal of providing the Business Subsidy and <br /> the wage and job goals for the Business Subsidy are zero. <br /> 5. Continued Operations. The Recipient agrees to continue its operations at the'location.of <br /> the Project for at least five years after the Benefit Date. As used herein 'Benefit Date" means the date <br /> the Business Subsidy is received. The Business Subsidy is for improvements to property, therefore the <br /> Benefit Date refers to the earliest date of either: when the improvement is finished for the entire Project; <br /> or when the Recipient occupies the property. <br /> 6. Financial Obligation of the Recipient if Does Note Fulfill this Agreement. If the <br /> Recipient does not fulfill this Agreement, the Recipient will repay all of the Business Subsidy to the <br /> Grantor plus interest("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section <br /> 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. <br /> 7. Reporting Requirements. <br /> (a) The Recipient agrees to furnish to the Grantor on or before March 1 in each year the <br /> report required in Section I 16J.994, Subdivision 7 of the Act on forms developed by the Minnesota <br /> Department of Trade and Economic Development. <br /> • (b) If the Grantor does not receive the reports, it will mail the Recipient a warning within <br /> one week of the required filing date. If within 14 days of the post marked date of the warning the <br /> reports are not made, the Recipient agrees to pay to the Grantor a penalty of$100 for each subsequent <br /> day until the report is filed up to a maximum of$ 1,000. <br /> 8. Parent Corporation. There is no parent corporation for the Recipient. <br /> 9. Other Grantors. The following is a list of all financial assistance to be provided by all <br /> grantors for the Project: None. <br /> 10. Term of Agreement. This Agreement will be in full force and effect until the earlier of <br /> the.Recipient meeting all of its obligations hereunder or the provisions of the Act no longer apply to the <br /> Grantor, the Recipient or the Project, in which case this Agreement will be terminated. <br /> D-2 <br />