Failure to Meet Goals. Pursuant to Minn. Stat. § 116J.994, Subd.6, a Project Operator who fails to meet the minimum Building Improvement Value, job and wage goals set forth in this Agreement or applicable State law, City procedure and guidelines for the Border City Development Zone Program in effect on the effective date of this agreement, shall be required to pay to the City an amount equal to the tax exemption plus interest as a set forth in Minn. Stat. § 116J.994, Subd.6 as amended from time to time. The City, after proper public hearing, and evidenced by an amendment made pursuant to Section 10 of this Agreement, may extend this time period for up to one year.
Appears in 29 contracts
Samples: Tax Incentive Agreement, Tax Incentive Agreement, Incentive Agreement
Failure to Meet Goals. Pursuant to Minn. Stat. § 116J.994, Subd.6, a Project Operator who fails to meet the minimum Building Improvement Value, job and wage goals set forth in this Agreement or applicable State law, City procedure and guidelines for the Border City Development Zone Program in effect on the effective date of this agreement, shall be required to pay to the City an amount equal to the tax exemption plus interest as a set forth in Minn. Stat. § 116J.994, Subd.6 as amended from time to time. The City, after proper public hearing, and evidenced by an amendment made pursuant to Section 10 of this Agreement, may extend this time period for up to one year.
Appears in 1 contract
Samples: Tax Incentive Agreement
