Economic Development Goals. Section 10(A)(1) of the Plan requires -------------------------- the lease to clearly state the economic development goals of the project. The purpose of the project is to provide business and community development opportunities in the Cibola County area by creating jobs, reducing unemployment and retaining or re-employing the local labor force. The project is intended to diversify and expand the local economic base and develop and optimize the quality of life in the community.
Economic Development Goals. In May 2021, the First Session of the Seventh People’s Congress of Shenzhen Municipality passed the 14th Five-Year Plan for National Economic and Social Development and Long-term Objectives of Year 2035 for Shenzhen (the “14th Five-Year Plan for Shenzhen”), which set forth the following main goals for Shenzhen’s economic and social development during the 14th Five-Year Plan period (from 2021 to 2025): As stated in the 14th Five-Year Plan for Shenzhen, the city aims to adhere to the combination of the concepts of both prudent exploration and top-level design to achieve a series of major systematic breakthroughs that can be promoted and replicated in the reform of key areas and stages. Furthermore, Shenzhen aims to facilitate the system integration and efficient coordination in reform and to serve as an important model for national structural construction. As stated in the 14th Five-Year Plan for Shenzhen, Shenzhen aims to thoroughly implement the strategy of expanding domestic demand, deepen the supply-side structural reform, improve the adaptability of supply to domestic demand and focus on promoting and creating new demand. It plans to accelerate the formation of a system of rules and regulations in line with the international standards and facilitate the efficient connection between, and the two-way opening of, domestic and international markets. Furthermore, Shenzhen aims to play a key role and provide strong support to Guangdong Province in its development strategies.
Economic Development Goals. The Lessee projects that following commencement of the Project and by December 31, (the “Compliance Determination Date”), it would make or cause to be made aggregate capital expenditures of approximately $47,000,000 towards the acquisition, construction, installation, development and equipping of the Project. The Lessee also projects that by the Compliance Determination Date the Project will generate, directly or indirectly, approximately 400 new employment opportunities. The Lessee acknowledges and represents that the aforementioned projected capital expenditures and employment opportunities (collectively, the “Economic Development Goals”) constitute good faith, reasonable expectations for the proposed Project, on which the Issuer may rely for the purposes of this Lease Agreement. The Lessee covenants to exercise its commercially reasonable efforts to achieve, or make reasonable progress to achieve under the applicable circumstances, the Economic Development Goals before the Compliance Determination Date. The Lessee further covenants that it shall deliver to the Issuer on or before the Compliance Determination Date, and as reasonably requested by the Issuer, such additional documentation and information as may be necessary in order for the Issuer to ascertain and monitor the Lessee’s progress towards fulfillment of the Economic Development Goals as of the Compliance Determination Date.
Economic Development Goals. (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 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 create new employment opportunities for local residents, increase and modernize the commercial building facilities available, and increase the tax base. The Developer agrees that it will meet the following goals (the “Goals”):
(a) To create a minimum of 35 full-time equivalent jobs on the Development Property by May 1, 2020.
(b) For each full-time equivalent job added pursuant to subparagraph
(a) above, to pay a wage that with benefits is at least $10 per hour.
(2) If the Goals are not met, the Developer agrees to repay the Business Subsidy received on a prorated basis, plus interest set at the implicit price deflator defined in Minnesota Statutes, Section 275.70, subdivision 2, accruing from and after the Benefit Date, as that term is defined in Minnesota Statute, Section 116J.993, compounded semiannually.
(3) The Developer agrees to report its progress on achieving the Goals to the County until the later of the date the Goals are met, or, if the Goals are not met, until the date the Business Subsidy is repaid, if necessary. The Developer agrees to file its report no later than March 1 of each year commencing March 1, 2019. The County 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 County 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 or cause to be continued operations of the Project on the Development Property for at least five (5) years after the Project has been completed and the Goals have been met
Economic Development Goals. In January 2021, the Fourth Session of the Sixth Hainan PC reviewed and approved the 14th Five-Year Plan for National Economic and Social Development and Long-term Objectives of Year 2035 of Hainan Province (the “14th Five-Year Plan of Hainan”). The following main expected goals were proposed for socio-economic development during the 14th Five-Year Plan period (2021 - 2025):
Economic Development Goals
