Wage and Job Requirements Sample Clauses

Wage and Job Requirements. (1) The Company agrees that it shall meet the following goals (the "Goals"): create and maintain through Term of this Agreement, at least eighteen (18) new full-time jobs upon completion of the Project at a minimum hourly wage equal to the most recently published hourly living wage for Olmsted County as determined by the Minnesota Department of Employment and Economic Development (for 2019, the hourly living wage for Olmsted County was $17.78) plus benefits. (2) If none of the Goals are met by the Company, the Company agrees to repay all of the Reimbursement Amount to the City, 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 by the Company, the Company will repay a portion of the Reimbursement Amount (plus Interest) determined by multiplying the Reimbursement Amount by a fraction, the numerator of which is the number of jobs in the Goals which were not retained or created at the wage level set forth above and the denominator of which is eighteen (18) (i.e. number of jobs set forth in the Goals). (3) The Company agrees to (i) report the Company's progress on achieving the Goals to the City 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 Reimbursement Amount is repaid, (ii) include in the report the information required by Minnesota Statutes, Section 116J.993 through 116J.995, on forms developed by the Minnesota Department of Employment and Economic Development, and
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