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SUGGESTED PROVISIONS— BUSINESS SUBSIDY AGREEMENT -_ Sale of Land, Tax Increment Financing Assistance (1) In order to satisfy the provisions of Minnesota Statutes, §§116J.993 through 166J.995 (the "Act"), the Developer acknowledges and agrees as follows: (a) the amount of the "Business Subsidy" granted to the Developer under this Agreement.is . $ which is the. difference between $ the fair market value of the property to be sold to the Developer (the "Development Property") and $ the purchase price paid by the Developer for the Development Property; (b) the Business Subsidy is needed because the Project is not economically feasible for the Developer to undertake without the Business Subsidy; (c) the Tax Increment District is in which the Development Property is located is a "redevelopment district" within the meaning of the Tax Increment Financing Act, Minnesota Statutes §§469.174 through 469.179; and (d) the public purpose of the Business Subsidy is to encourage the construction of necessary public improvements and to redevelop blighted areas and replace structurally substandard buildings. (2) The Developer agrees that it will meet the following goals (the "Goals"): (a) It will create at least full-time jobs in connection with the development of the Development Property; (b) the hourly wage of the new jobs will be at least $ per hour; and (c) the Goals set forth in (a) and (b).above will be met within two years from the "Benefit . Date", which is the date the Development Property is conveyed to the Developer. (3) The Developer agrees that if the Goals are not met the Developer will repay all or a part of the Business Subsidy to the [LOCAL GOVERNMENT AGENCY] plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, §275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. (4) If the Goals are met in part; the Developer agrees to repay a portion of the Business Subsidy (plus Interest) determined by multiplying the Business Subsidy by a fraction, the numerator of which is the number of jobs in the Goals which were not created at the wage level set forth above and the denominator of which is , the number of jobs set forth in the Goals. (5) The Developer agrees to.continue its operations on the Development Property for at least five years after the Benefit Date. (6) The Developer agrees to: (a) report its progress on achieving the Goals to the [LOCAL GOVERNMENT AGENCY] until the Goals are met, or the Business Subsidy is repaid, whichever occurs earlier; (b) include in the report the information required in §116J.994, Subdivision 7 of the Act on forms developed by the Minnesota Department of Trade and Economic Development; and (c) send completed reports to the Commissioner of the Department of Trade and Economic . Development and to the [LOCAL GOVERNMENT AGENCY] no later than March 1 of each year commencing March 1, 2000, and within 30 days after the deadline for meeting . the Goals.