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BUSINESS SUBSIDY AGREEMENT THIS AGREEMENT, made on or as of the day of , 2001, by and between the City of Hastings, Minnesota, a home rule charter city under the laws of the State of Minnesota (hereinafter referred to as the "City"), and having its principal office at 101 4th Street East, Hastings, Minnesota 55033-1955, and Lloyd Lodewegen and Susan Lodewegen, a married couple (hereinafter collectively referred to as the "Developer"), having its principal office at 16905 Neill Path,Hastings,Minnesota 55033. WITNESSETH: WHEREAS, the Developer and the Authority have entered into a Purchase and Development Agreement dated as of , 2001, (the "Contract") pursuant to which the Developer has agreed to construct certain improvements on real property within the City of Hastings, Minnesota; and WHEREAS,in order to induce the Developer to undertake such development, the City has agreed in the Contract to provide certain assistance to the Developer through its sale of the property subject to the Contract to the Developer at a cost below market value; and WHEREAS, Minnesota Statutes, sections 1167.993 to 116J.995, provides that a government agency. that provides financial assistance for certain purposes must enter into a business subsidy agreement setting forth goals to be met and the financial obligations of the recipient of the assistance if the goals are not met; and WHEREAS, the City and the Developer agreed in the Contract that they would enter into this Business Subsidy Agreement to satisfy the requirement of sections 116J.993 to 116J.995. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE I Definitions Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "Act"means Minnesota Statutes, Sections 116J.993-.995. "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Benefit Date"means the date that the Property is conveyed by the City to the Developer. "City"means the City of Hastings,Minnesota.