Res 2005-076 - Laserfiche WebLink

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Government Code, and is in the best interests of the City. AGREEMENT: For and in consideration ofthe mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City and Global Rock agree as follows: PART 1. OBLIGATIONS OF GLOBAL ROCK Section 2.01. Global Rock agrees to purchase the Property and construct the Project, to consist of the interior and exterior renovation of the Building, and associated sidewalk, parking and driveway areas, at a total estimated cost of$ 2,000,000.00 (Two Million Dollars). Section 2.02. Global Rock agrees that Phase 1 ofthe Project will consist of renovation ofthe exterior ofthe Building and finish-out of the second floor of the Building into residential uses. Global Rock agrees to commence the construction of Phase 1 of the Project on or before December 31, 2005, and to complete the construction of Phase 1 of the Project on or before December 31, 2006. Section 2.03. Global Rock agrees that Phase 2 of the Project will consist of finish-out ofthe first floor ofthe Building into commercial retail, office or similar nomesidential uses. Global Rock agrees to commence the construction of Phase 2 of the Project on or before December 31, 2007, and to complete the construction of Phase 2 of the Proj ect on or before December 31,2008. After completion of Phase 2 ofthe Project, Global Rock agrees to restrict the use of the first floor ofthe Building to commercial retail, office or similar nonresidential uses, and not to allow or permit residential use ofthe first floor ofthe Building. Section 2.04. Global Rock agrees to perform all exterior construction on the Building, and thereafter maintain the Building, in a manner that preserves the Building's historic character. Global Rock agrees to ensure that all of the construction and renovation work related to the Project conforms to all applicable City ordinances, construction standards, and regulations, including those involving historic preservation. Section 2.05. Global Rock agrees to submit to the City, when a date has been set for the closing of Global Rock's purchase ofthe Property (the "Closing"), a Grant Payment Request that includes the following information: A. A title commitment for the Property; and B. A list of each person or entity that Global Rock anticipates will hold a lien on the Property, and for each such lien, 1) the anticipated amount of the lien, and 2) whether the lien will be for funds to acquire the Property, or for funds to construct the Project. Section 2.06. Global Rock agrees to cooperate with the City and to provide additional information needed for the City to prepare the lien documents described in Section 3.01 below. City of San Marcos/Global Rock F..conomic Development Agreement Page 2 of6