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JUN. 6. 2001 3) :41PM EHLERS & ASSOCIATES N0. 4497 P. 7 nn <br /> 3.7 Any developer requesting a business subsidy should able to demonstrate past successful <br /> general development capability as well as specific capability in the type and size of <br /> development proposed. <br /> 3.9 The developer must retain ownership of the project at least long enough to complete it,to <br /> stabilize its occupancy, to establish the project management, and to initiate repayment of <br /> the business subsidy, if applicable. <br /> 3.9 A recipient of a business subsidy must enter into a subsidy agreement with the Grantor as <br /> described in Section 4. <br /> 3.10 A recipient of a business subsidy must make a commitment to continue operations within <br /> the City for at least five years after the benefit date. <br /> 3.11 Any business subsidy will be the lowest possible level and least amount of time <br /> necessary, after the recipient maximizes the use of private debt and equity financing first. <br /> 4 Subsidy Agreement <br /> 4.1 In granting a business subsidy,the Grantor shall enter into a subsidy agreement with the <br /> recipient that provides the information,wage and job goals, commitments to provide <br /> necessary reporting data and recourse for fail to meet goals required by the Statutes. <br /> 4.2 The subsidy agreement may be incorporated into a broader development agreement for a <br /> project. <br /> 4.3 The subsidy agreement will describe the requirements for the recipient to provide the <br /> reporting information required by the Statutes. <br /> 3 <br />