Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the amount of the "Business Subsidy" granted to the Developer under this Agreement is $958,000 which is the reimbursement amount for the acquisition of the Development Property and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is soil deficiency district and the public purpose of the Business Subsidy is to encourage the construction of commercial, office, industrial, manufacturing and/or warehouse and distribution facilities. The Developer agrees that it will cause tenants of the Project to meet the following goals (the "Goals") in connection with the development of the Development Property: to create at least 100 full time equivalent jobs having wage levels of at least 150% of the State of Minnesota minimum wage, exclusive of benefits within two years from the "Benefit Date", which is the earlier of the date the Developer completes construction of the Project or the first tenant occupies the Project. The Developer shall include in its leases with tenants the requirement that the tenants shall provide wage and job information to the Developer and the EDA so that the Developer can comply with the provisions of this Section.
Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the amount of the "Business Subsidy" granted to the Developer under this Agreement is $3,400,000 which is the Reimbursement Amount for the acquisition of the Development Property and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy.
Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the maximum amount of the "Business Subsidy" granted to the Developer under this Agreement is $600,000 which is the maximum reimbursement amount for the correction of the Soil Deficiencies and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is a soil deficiency district and the public purpose of the Business Subsidy is to encourage the construction of office, manufacturing and/or warehouse and distribution facilities. The Developer agrees that it will cause the Tenant to meet the following goals (the "Goals") in connection with the development of the Development Property: the Tenant will create at least [200 full time equivalent jobs] having wage levels of at least 150% of the State of Minnesota minimum wage, exclusive of benefits within two years following the Benefit Date. The Developer shall include in its lease with the Tenant the requirement that the Tenant shall provide wage and job information to the Developer and the EDA so that the Developer can comply with the provisions of this Section.
Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that (i) the amount of the "Business Subsidy" granted to the Developer under this Agreement is $6,791,621, which consists of the Reimbursement Amount and the Upfront Reimbursement Amount and (ii) the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is soil deficiency district and the public purpose of the Business Subsidy is to preserve and increase the tax base in the City and encourage the construction of construction of office and research and development facilities. The Developer agrees that it will cause the Tenant to meet the following goals (the "Goals") in connection with the development of the Facility Property: the Tenant will create at least 256 new full-time equivalent jobs at an average hourly wage of at least $65 per hour, exclusive of benefits, of which 109 will be created by December 31, 2025, and 147 will be created within two years from the "Benefit Date,” which is the earlier of the date the Developer completes construction of the Project or the Tenant occupies the Project. The Developer shall include in its lease with the Tenant the requirement that the Tenant shall provide wage and job information to the Developer and the EDA so that the Developer can comply with the provisions of this Section.
Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the amount of the "Business Subsidy" granted to the Developer under this Agreement is $3,400,000, which is the principal amount of the Original Note; provided that, in the event the City reissues the TIF Note pursuant to Section 3.3 hereof, the amount of the "Business Subsidy" granted to the Developer under this Agreement shall be $4,700,000, which is equal to the Reimbursement Amount for the costs of the Project and the Project Improvements, and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy.
Business Subsidies Act. (1) The creation of jobs has been determined to be a goal of the City for the Project pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995 and the City has held a public hearing and set the wage and job goals in accordance with the Owatonna Economic Development Authority Economic Development Incentives Policy adopted July 20, 2005, included on Exhibit C attached hereto.
Business Subsidies Act. (a) In order to satisfy the provisions of the Business Subsidies Act, the Company acknowledges and agrees that the amount of the Subsidy granted to the Company under this Agreement is $1,381,292 and that the Subsidy is needed because the construction of the Project Facilities is not sufficiently feasible for the Company to undertake without the Subsidy. The public purpose of the Subsidy is to construct, install and operate the Project Facilities in the Service Area for the reasons and public purposes set forth in the Bond Resolution. The creation of job has been determined not to be a goal of the Town for the Project pursuant to Minnesota Statutes, Section 116J.993 to 116J.995 and the Town has held a public hearing and set the wage and job goals at zero.
Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the “Business Subsidies Act”), the Developer acknowledges and agrees that the amount of the “Business Subsidy” granted to the Developer under this Agreement is the amount of the Loan, and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to develop new jobs within the City and the County and to develop an ethanol production facility in the City. The Developer agrees that it will meet the following goals (the “Goals”): It will create at least 10 new full-time equivalent positions at the Project at a wage of at least $12.00 per hour within fourteen months of the Benefit Date and at least 20 additional new full-time equivalent positions at the Project at an average wage of at least $12.00 per hour within two years of the Benefit Date for a total of 30 full-time equivalent jobs within two years of the Benefit Date. The City agrees that jobs created on or after May 1, 2005 may be included in the total number of jobs required to be created pursuant to this Section 3.6(1). The Developer certifies that as of the date hereof the Developer has created 30 full-time equivalent jobs at an average wage of at least $12.00 per hour in satisfaction of this Section 3.6(1).
Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the “Business Subsidies Act”), the Company acknowledges and agrees that the amount of the “Business Subsidy” granted to the Company under this Lease is the amount of the Bonds, and General Obligation Bonds and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Company to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to develop new jobs within the County and to develop an ethanol production facility in the County. The Company agrees that it will meet the following goals (the “Goals”): It will create at least 25 full-time equivalent jobs in connection with the development of the Plant at a wage of at least $8.30 per hour within two years from the “Benefit Date”, which is the earlier of date the Project is completed or placed in service.
Business Subsidies Act. (1) In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidies Act"), the Developer acknowledges and agrees that the amount of the "Business Subsidy" granted to the Developer under this Agreement $3,300,000 which is the Reimbursement Amount for acquisition of the Development Property and installation of the Site Improvements as set forth in Section 3.1(1) and that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is a redevelopment district and the public purpose of the Business Subsidy is to encourage the construction of a mixed-use facility in the City by December 31, 2020 (the "Goals"). After holding a public hearing February 21, 2019, the City has determined that creation and retention of jobs is not a goal of the subsidy for the restaurant portion of the Project and consequently has set the wage and job goals hereunder at zero.
