Laserfiche WebLink
of the exempted ordinance, statute, law, or regulation, then the Developer shall use its best <br /> commercially reasonable efforts to bring the Land into effective conformance with such exempted <br /> ordinance, statute, law, or regulation. <br /> Section 3.03. Living Wages. The Developer will ensure that any operator of the Hotel <br /> shall,upon the opening of the Hotel for business,provide a minimum wage of$18.00 per hour for <br /> its employees in positions not receiving tips. This hourly rate shall be increased annually to <br /> account for adjustments in the Consumer Price Index (CPI) published by the Bureau of Labor <br /> Statistics, with the change in the CPI rounded to the nearest half percent. The Developer shall <br /> supply documentation to the City demonstrating compliance with this Section 3.03 when a request <br /> for Chapter 380 Payment is made. This requirement shall remain in place for the full term of this <br /> Agreement. <br /> ARTICLE IV <br /> CHAPTER 380 PAYMENTS FROM THE CITY <br /> Section 4.01. Chapter 380 Payments. Subject to the requirements and limitations of this <br /> Article, other terms and conditions of this Agreement, and the Developer's compliance with its <br /> obligations under this Agreement,the City shall provide to the Developer at least ten(10) Chapter <br /> 380 Payments (not including any subsequent request in connection with a Chapter 380 Payment <br /> to secure previously withheld Chapter 380 Payments or incorrectly calculated Chapter 380 <br /> Payments). A Chapter 380 Payment shall be paid as a reimbursement for the Developer's costs <br /> associated with the Building Improvements and the Hotel. In order to receive a Chapter 380 <br /> Payment, the Developer shall submit to the City a request for a Chapter 380 Payment on a form <br /> substantially similar to the form attached hereto as Exhibit"C."In addition to the ten(10)Chapter <br /> 380 Payments contemplated in this Section, the City may also reimburse the Developer for sales <br /> tax paid by the Developer on materials sourced to the Land prior to the opening of the Hotel. In <br /> 6 <br />