Res 1995-045 - Laserfiche WebLink

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~L{¿" building; (4) Building four, 5,970 square feet of metal storage sheds; and Building Five, 2,150 square ieet bôck s\ng\e iami\y dweUing. I. Contractor shan ensure that the real estate described in Spedal Condition H is operated as a small business incubator for at least five years. If the real es1ate is not operated as an incubai:or during this five year period, but the slum and blight identified in this contract has been ~iminated, then a prorata (based on the Contractor's ownership) portion of any proceeds from the sale Of lease of the real estate must be returned to Department. J. Contractor shall ensure that Department is provided with a copy of an appraisal, compteted by an appraiser with Member Appraisal Institute (M.A.!.), Senior Real Estate Analyst (S.REA.), Senior Rea) Property Appraiser (S.R.P.A.), or Texas Certified GeneraJ Appraiser qualifications, on the property identified in Special Condition H based on completed rehabilitation and having a total value of at Jeast Three Hundred Eighty-three Thousand Two Hundred Ninety-three and No/100 Dollars ($383,293). K Contractor shall provide documentation to Department that the final plans and specifications for construction or rehabilitation of buildings, described in Exhibit A of this Contract, have been approved by the appropriate division director of the Texas Department of Ucensing and Regulation. This documentation must indude such director's assurance that the improvements or renovations will be in compliance with the requirements concerning the ~imination of architectural barriers encountered by persons with disabilities as specified in TEX. REV. C IV. STAT.AN N.art. 9102 and the rules promulgated thereunder. This documentation must be received by Department, prior to Department's release of construction/rehabilitation funds for such improvements. L Contractor shall provide Department with a copy of the site survey for the real estate identified in Special Condition H dated not later than one year prior to the date of th1s contract. Such survey shall depict the location of the buildings, flatwork, driveway and other real estate improvements. M. Contractor shall ensure that Department is provided a copy of the builder's risk insurance policy covering the general contractor, for the rehabilitation of facilities, prior to Department's release of project construction funds. N. Contractor shall provide Department with a copy of the hazard insurance policy which covers the building(s) and other improvements described in SpeciaJ Condition H and which names Contractor as loss payee. This document shall be submitted within one (1) month after the date of the certificate of occupancy. O. Contractor shall provide Department with a copy of the flood insurance policy which covers the property identified in Special Condition H 0( an original signed statement from Contractor which indicates that the property identified in Special Condition H does not require flood insuranca, prior to Department's release of construction/rehabilitation funds. P. Contractor shall ensure that Department is provided with: the Sponsor's Balance Sheet and Income Statement prepared by an independent third party (due sixty (60) days after the fiscal year end) on an annual basis; and a copy of the annual income tax return, within ninety (90) days after the required filing deadline date or extension date of the Sponsor during the contract period. If there is program income at the end of the fiscal year, the remaining balance (net income) pro-rated based on amount of funds contributed to the project by the Sponsor and the amount provided by Department as stated in Exhibit B, the Budget, must be documented to be used for (1) a maximum of three months of ongoing operations; (2) capital expenditures to benefit incubator tenants; and (3) maintenance of the facility. Any remaining program income will be returned to Department. Page 13 of 16