Common use of Business Subsidies Act Clause in Contracts

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. (2) If no Goals are met, the Developer agrees to repay all of the Business Subsidy to the EDA, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will 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 100 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report on the progress of the tenants on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the EDA. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 2025, and within 30 days after the deadline for meeting the Goals. The EDA agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the EDA a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations within the City for at least five (5) years after the Benefit Date. (5) There are no other state or local government agencies providing financial assistance for the Project other than the EDA. (6) There is no parent corporation of the Developer. (7) The Developer certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement.

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 $958,000 700,000 which is the reimbursement amount for the acquisition correction of the Development Property 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 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 50 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. (2) If no Goals are met, the Developer agrees to repay all of the Business Subsidy to the EDA, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will 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 100 50 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report on the progress of the tenants on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the EDA. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 20252024, and within 30 days after the deadline for meeting the Goals. The EDA agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the EDA a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations within the City for at least five (5) years after the Benefit Date. (5) There are no other state or local government agencies providing financial assistance for the Project other than the EDA. (6) There is no parent corporation of the Developer. (7) The Developer certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement.

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 $958,000 504,000 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 70 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. (2) If no Goals are met, the Developer agrees to repay all of the Business Subsidy to the EDA, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will 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 100 70 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report on the progress of the tenants on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the EDA. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 2025, and within 30 days after the deadline for meeting the Goals. The EDA agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the EDA a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations within the City for at least five (5) years after the Benefit Date. (5) There are no other state or local government agencies providing financial assistance for the Project other than the EDA. (6) There is no parent corporation of the Developer. (7) The Developer certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement.

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 $958,000 965,000 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. (2) If no Goals are met, the Developer agrees to repay all of the Business Subsidy to the EDA, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will 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 100 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report on the progress of the tenants on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the EDA. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 2025, and within 30 days after the deadline for meeting the Goals. The EDA agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the EDA a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations within the City for at least five (5) years after the Benefit Date. (5) There are no other state or local government agencies providing financial assistance for the Project other than the EDA. (6) There is no parent corporation of the Developer. (7) The Developer certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement.

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 $958,000 6,791,621, which is the reimbursement amount for the acquisition consists of the Development Property Reimbursement Amount and that 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 commercial, office, industrial, manufacturing and/or warehouse construction of office and distribution research and development facilities. The Developer agrees that it will cause tenants of the Project Tenant to meet the following goals (the "Goals") in connection with the development of the Development Facility Property: to the Tenant will create at least 100 full 256 new full-time equivalent jobs having at an average hourly wage levels of at least 150% of the State of Minnesota minimum wage$65 per hour, exclusive of benefits 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 first tenant Tenant occupies the Project. The Developer shall include in its leases lease with tenants the Tenant the requirement that the tenants 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. (2) If no Goals are met, the Developer agrees to repay all of the Business Subsidy to the EDA, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will 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 100 256 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report on the progress of the tenants Tenant on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the EDA. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 20252026, and within 30 days after the deadline for meeting the Goals. The EDA agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the EDA a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations Project will operate within the City for at least five (5) years after the Benefit Date. (5) There are no other state or local government agencies providing In addition to the assistance the EDA is granting to the Developer pursuant to this Agreement, the Developer also intends to apply for financial assistance from other “grantors” as defined in the Business Subsidies Act in connection with the Project; specifically, the Developer intends to enter into an agreement with the City for the Project other than deferral of approximately $2,108,000 in special assessments related to the EDAProject. (6) There is no parent corporation The Tenant also intends to apply for financial assistance from other “grantors” as defined in the Business Subsidies Act in connection with the Project, including the Minnesota Department of the DeveloperEmployment Economic Development (Minnesota Investment Fund and Job Creation Fund). (7) The members of the Developer are [Xxxx Companies US, Inc. and X.X. XxXxxxxxx]. (8) The Developer certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement.

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 $958,000 600,000 which is the maximum reimbursement amount for the acquisition correction of the Development Property 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 commercial, office, industrial, manufacturing and/or warehouse and distribution facilities. The Developer agrees that it will cause tenants of the Project Tenant to meet the following goals (the "Goals") in connection with the development of the Development Property: to the Tenant will create at least 100 [200 full time equivalent jobs jobs] having wage levels of at least 150% of the State of Minnesota minimum wage, exclusive of benefits within two years from following 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 lease with tenants the Tenant the requirement that the tenants 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. (2) If no Goals are met, the Developer agrees to repay all of the Business Subsidy to the EDA, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will 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 100 200 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report on the progress of the tenants Tenant on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms developed by the Minnesota Department of Employment and Economic Development, and (iii) send completed reports to the EDA. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 20252026, and within 30 days after the deadline for meeting the Goals. The EDA agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post marked date of the warning the reports are not made, the Developer agrees to pay to the EDA a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations within the City for at least five (5) years after the Benefit Date. (5) There are no other state or local government agencies providing financial assistance for the Project other than the EDA. (6) There is no The parent corporation company of the Developer.Developer is Opus Development Company, L.L.C. (7) The Developer certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement.

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 $958,000 600,000 which is the maximum reimbursement amount for the acquisition correction of the Development Property 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 commercial, office, industrial, manufacturing and/or warehouse and distribution facilities. The Developer agrees that it will cause tenants of the Project Tenant to meet the following goals (the "Goals") in connection with the development of the Development Property: to the Tenant will create at the Development Property at least 100 200 full time equivalent jobs having wage levels of at least 150% of the State of Minnesota minimum wage, exclusive of benefits within two years from following 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 lease with tenants the Tenant the requirement that the tenants Tenant shall provide wage and job information to the Developer and the EDA in the form attached hereto as Exhibit F so that the Developer can comply with the provisions of this Section. (2) If no Goals are met, the Developer agrees to either pay or cause the Tenant to repay all of the Business Subsidy to the EDA, plus interest ("Interest") set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, Subdivision 2, accruing from and after the Benefit Date, compounded semiannually. If the Goals are met in part, the Developer will pay or cause the Tenant 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 100 200 (i.e. number of jobs set forth in the Goals). (3) The Developer agrees to (i) report on the progress of the tenants Tenant on achieving the Goals to the EDA until the later of the date the Goals are met or two years from the Benefit Date, or, if the Goals are not met, until the date the Business Subsidy is repaid, (ii) include in the report the information required in Minnesota Statutes, Section 116J.994, Subdivision 7 on forms the form developed by the Minnesota Department of Employment and Economic DevelopmentDevelopment attached hereto as Exhibit F, and (iii) send completed reports to the EDA. The Developer agrees to file these reports no later than March 1 of each year commencing March 1, 20252026, and within 30 days after the deadline for meeting the Goals. The EDA agrees that if it does not receive the reports, it will mail the Developer a warning within one week of the required filing date. If within 14 days of the post post-marked date of the warning the reports are not made, the Developer agrees to pay to the EDA a penalty of $100 for each subsequent day until the report is filed up to a maximum of $1,000. (4) The Developer agrees to continue operations or cause the Tenant to continue operations within the City for at least five (5) years after the Benefit Date. (5) There are no other state or local government agencies providing financial assistance for the Project other than the EDA. (6) There is no The parent corporation company of the Developer.Developer is Opus Development Company, L.L.C. (7) The Developer certifies that it does not appear on the Minnesota Department of Employment and Economic Development's list of recipients that have failed to meet the terms of a business subsidy agreement.