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"Contract" means the Purchase and Development Agreement between the City and the Developer dated as of , 2001. "Developer" means, collectively, Lloyd Lodewegen and Susan Lodewegen, a married couple, or their representatives and assigns, or any future owners of the Property. "Improvements" means the construction activities to be undertaken by the Developer pursuant to the Contract. "Property" means the real property described as such in the Contract. "State"means the State of Minnesota. "Subsidy" means on any particular date $43,559.00, less any portion of such amount that the Developer has as of such date repaid to the City pursuant to the terms of the Contract. ARTICLE II Job and Wage Goals; Required Provisions Section 2.1. Employment and Wage Requirements. The Developer shall meet or cause to be met within two (2) years of the Benefit Date the wage and job goals set forth on the attached Exhibit A. Section 2.2. Reports. The Developer agrees that it will provide to the City all reports required by the Act. Such reports shall be submitted at the times required by the Act. Section 2.3. Continuing Obligation. -The Developer agrees that it will continuously operate the Improvements for the purposes described in the Contract for a period of at least five (5)years from the Benefit Date. Section 2.4. Required Provisions. The following provisions are required by the Act: (a) By providing the Subsidy to the Developer the City is seeking to accomplish the public purposes of encouraging the development of property that is currently underutilized, expanding the tax base of the City and State, creating new job opportunities within the City at competitive wages for low and moderate income persons and facilitating the expansion of a local business. (b) The City has determined that the Subsidy is necessary because the Developer is unable to pay the full market value of the Property and still construct the Improvements of the size and quality proposed. By reducing the front end costs of the Developer's business expansion, more funds will be available for ongoing operations costs and the risk of failure will thereby be reduced.