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<br />'if7C- <br /> <br />and correspond with the Lessor's obligations to the State under <br />the Grant Contract. <br />3.02 Lessor's City Manager or the manager's designee will oversee <br />compliance by the Lessee with the obligations of this Article. <br />3.03 Lessee shall submit to Lessor such reports on the operation and <br />performance of Lessee's business operations as may be required <br />by TDHCA including but not limited to the reports specified in <br />this Article. <br />3.04 Lessee agrees to cooperate with Lessor in Lessor's preparation <br />of a Quarterly Progress Report, a Minority Business Enterprise <br />Report (MBE) , a Private Business Employment Report (PBE), and a <br />Quarterly Connection Report, if applicable for Lessee's business <br />operations during the period of the Grant Contract. <br />3.05 Lessee agrees to create five (5) full-time equivalent permanent <br />jobs on the Leased Premises prior to the expiration of the Grant <br />Contract, of which three (3) shall be provided to low and <br />moderate income persons. In the event that more than five such <br />jobs are so created, at least 51% of all jobs created must be <br />provided to low and moderate income persons. Lessee has <br />submitted to Lessor a copy of its payroll as of the date of the <br />Grant Contract. Lessee agrees to submit to the Lessor the <br />number of persons employed by Lessee as of the date of this <br />Lease, and to submit information to Lessor within thirty (30) <br />days of the execution of this Lease on the types of positions, <br />number, wage scales, and minimum skill levels of all permanent <br />jobs to be created/retained as a result of the Grant Contract. <br />3.06 Lessee agrees to submit to Lessor within thirty (30) days of the <br />execution of this Lease, a hiring plan that includes methods of <br />identifying and training potential low/moderate income job <br />applicants. <br />3.07 Lessee agrees to inject a total of $106,500 in equity as <br />i follows: $96,500 in the form of net equity value in a single <br />\ <br />engine Mooney aircraft, and $10,000 in cash for prepayment of <br />Lessee's existing Lease Agreement with Lessor. Lessee agrees to <br />provide documentation of these injections to the Lessor. <br />-4- <br />