2009.05.18 EDA Packet - Laserfiche WebLink

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(5) The TIF Note shall be a special and limited obligation of the City and not a general obligation of the City, and only Tax Increments shall be used to pay the principal on the TIF Note. (6) The City's obligation to make payments on the TIF Note on any Note Payment Date or any date thereafter shall be conditioned upon the requirement that there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit B. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.2, the terms of the TIF Note shall govern. The issuance of the TIF Note pursuant and subject to the terms of this Agreement, and the taking by the City of such additional actions as bond counsel for the TIF Note may require in connection therewith, are hereby authorized and approved by the City. Section 3.3 Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections I I6J.993 to 116J.995 (the "Business Subsidies Act"), the Developer agrees to report to the City the information required in Minnesota Statutes, Section 116J.994, Subdivision 8(b). The Developer agrees to file these reports no later than April 1, 2010 and April 1, 2011. (2) The report required under paragraph (a) must include: (a) the name of the recipient, its organizational structure, its address and contact information, and its industry sector; (b) a description of the amount and use of the financial assistance and the total project budget, including a list of all financial assistance by all grantors for the project and the private sources of financial assistance; (c) the public purpose of the financial assistance, the job goals associated with both the financial assistance and the total project in which the financial assistance is included, the hourly wage of each job created, and the cost of health insurance provided by the employer; (d) the date the project will be completed; (e) the name and address of the parent corporation of the recipient, if any; and (f) any other information the commissioner may request. (3) The City has adopted criteria for awarding business subsidies that comply with the Business Subsidies Act, after a public hearing for which notice was published; and (4) There are no other state or local government agencies providing financial assistance for the Project other than the City. 2340062v2 7