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r , extend the Compliance Date by up to one year, provided that nothing in this section will be construed to limit the City's legislative discretion regarding this matter. 5. Remedies. If the Developer fails to meet the goals described in Section 3(c) and 4, the Developer shall repay to the City upon written demand from the City (1) a "pro rata share" of the amount of any Abatement payments made to the Developer, together with (2) interest on the amount in clause (1) at the implicit price deflator as defined in Minnesota Statutes, Section 275.50, subd. 2, accrued from the date of substantial completion of the Additional Improvements to the date of payment. The term "pro rata share" means percentages calculated as follows: (i) if the failure relates to the number of jobs, the jobs required to be retained and created less the jobs retained and created, divided by the jobs required; (ii) if the failure relates to wages, the number of jobs required less the number of jobs that meet the required wages, divided by the number of jobs required; (iii) if the failure relates to maintenance of the Additional Improvements in accordance with Section 3(0, 60 Less the number of months of operation as a manufacturing facility (where any month in which the facility is in operation for at least 15 days constitutes a month of operation), commencing on the date of the certificate of completion and ending with the date the facility ceases operation as determined by the City, divided by 60; and (iv) if more than one of clauses (i) through (iii) apply, the sum of the applicable percentages, not to exceed 100 %. In addition to the remedy described in this Section, upon Developer's failure to meet the goals stated in Section 3(c) and 4, the City may suspend payment of further Abatements, terminate this Agreement and any obligation to pay future Abatements, or take any other actions available to the City under law or equity. Developer further agrees and understands that it may not a receive a business subsidy from the City or any grantor (as defined in the Business Subsidy Act) for a period of five years from the date of the failure or until the Developer satisfies its repayment obligation under this Section, whichever occurs first. 6. Reports. The Developer must submit to the Authority a written report regarding business subsidy goals and results by no later than March I of each year, commencing March 1, 2001 and continuing until the later of (i) the date the goals stated Section 3(c) and 4 are met; (ii) 30 days after expiration of the five -year period described in Section 3(0; or (iii) if the goals are not met, the date the subsidy is repaid in accordance with Section 5. The report must comply with Section 116J.994, subdivision 7 of the Business Subsidy Act. The City will provide information to the Developer regarding the required forms. If the Developer fails to timely file any report required under this Section, the City will mail the Developer a warning within one week after the required filing date. If, after 14 days of the postmarked date of the warning, the Developer fails to provide a report, the Developer must pay to the City a penalty of $100 for each subsequent day until the report is filed. The maximum aggregate penalty payable under this Section $1,000. • S19- 187989v1 3 CEI55 -7