Res 2010-166 - Laserfiche WebLink

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Section 1.05. Providing an incentive to Recipient under the terms and conditions of this Agreement is consistent with the public purposes of Chapter 380 and the economic development objectives of the City. Section 1.06. For the reasons stated in these Recitals and in consideration ofthe mutual benefits to and promises of the Parties set forth below, the Parties want to enter into this Agreement and agree to the terms and conditions set forth in this Agreement. PART 2. CHAPTER 380 LOAN PROGRAM ESTABLISHED Chapter 380 Loan Program. The City Council, in authorizing this Agreement, hereby finds that a public necessity exists for and authorizes the establishment of, 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 promote local economic development and stimulate business and commercial activity within the City. PART 3. RENOVATION OF FACILITY Section 3.01. Renovation of Facility. Recipient shall make capital investments in an amount of at least $1,363,000.00 related to acquisition of and improvements to the Facility. The improvements to the Facility shall be in accordance with the specifications required by Affiliate to conduct its expanded operations, as depicted in, Exhibit "A" and the plans and specifications for the Renovation approved by the City as part of the City's permitting process (the "Renovation ") Section 3.02. Completion Date. The Renovation shall be completed within 60 days after the Effective Date ("Completion of the Renovation"). Completion of the Renovation shall be evidenced by the issuance by the City of a Certificate of Occupancy to Recipient for all improvements.