Res 2008-114 - Laserfiche WebLink

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by the issuance by the City of a Certificate of Occupancy and other approvals as may be required under applicable building and development ordinances and rules of the City. b) Progress of Work. Recipient shall require its contractor or contractors performing work on the Infrastructure Improvements to submit to the City a progress schedule and payment schedule of work before beginning any work on the Infrastructure Improvements. The City Engineer or City Manager or their respective designees shall be entitled to make objections to the Contractor's schedule submitted herein. The Contractor shall promptly resubmit a revised schedule for approval by City's representative. Before the first application for payment as provided in paragraph 4.01, the Recipient shall submit to the City a schedule of values allocated to various portions of the work on the infrastructure Improvements, prepared in such form and supported by such data to substantiate its accuracy as the City may require. This schedule, together with the approved progress schedule, unless objected to by the City, shall be used as a basis for reviewing applications for payment under paragraph 4.01. Section 3.02. Job Creation. Recipient will endeavor to add seven to 10 new full-time employment positions in connection with the New School. PART 4. ECONOMIC INCENTIVES PROVIDED BY THE CITY Section 4.01. Loan for Infrastructure Improvements. The City shall make a loan (the "Loan") to Recipient in an amount not to exceed $345,000.00 (the "Principal Amount") for the construction of the Infrastructure Improvements. The loan shall be evidenced by a real estate lien executed by the Recipient and secured by a deed of trust on the Property and be subject to the following terms: a) Loan Interest Rate: Three percent (3%) per annum accruing on the principal 4