Res 2008-114 - Laserfiche WebLink

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PART 2. CHAPTER 380 LOAN PROGRAM ESTABLISHED Section 2.01. Chapter 380 Loan Program. The City Council, in authorizing this Agreement, hereby finds that a public necessity exists for and authorizes the establishment, pursuant to Chapter 380, a loan program under which the City will make a loan to the Recipient subject to terms hereinafter provided, to assist in and effectuate the economic development objectives of the City as set forth in the Recitals. The City Council finds and determines that the economic development program established by this Agreement is necessary to stimulate business and commercial activity within the City. Authority has been granted by the City Council to the City Manager to execute or accept on behalf of the City this Agreement, and other agreements approved as to form by the City Attorney, necessary to effectuate the purposes and terms of this Agreement. PART 3. OBLIGATIONS OF RECIPIENT Section 3.01. Project. Recipient shall make capital investments for new construction of approximately 13,000 square feet of buildings and improvements related to the New School, as depicted in, and in accordance with the plans and specifications for the New School approved by the City as part of the City's permitting process. Certain infrastructure improvements have been identified by the Parties as essential to the completion of the New School, including a water line, wastewater line, force main and roadway improvements as set forth in Exhibit "B", attached hereto and made a part hereof for all purposes (the "Infrastructure Improvements"). a) Completion Date. Construction and completion of the New School and the Infrastructure Improvements shall be pursued with commercially reasonable diligence ("Completion of the New School"). Completion of the New School shall be evidenced 3