Agenda - Council - 06/13/2000 - Laserfiche WebLink

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FOR: SPECIAL CONDITIONS Grant Number: CDAP-99-0224-H-FY00 Project Title: Mateski Properties, LLC/Systematic Refrigeration, inc. Funds will not be released until the following is submitted to the Grantor and approved: a) Grantee's Revolving Loan Fund (RLF) policies and procedures. b) Closing documentation for the revenue bond allocation from the Small Business Development Loan Program. Upon receiving an executed loan agreement, the Grantor will provide $300,000 of MIF funds to the Grantee for deposit into an escrow account with the Commonwealth Title Company. The funds will then be disbursed to Mateski Properties, LLC/Systematic Refrigeration, Inc., together with the revenue bond proceeds from the Small Business Development Loan Program subject to the Disbursement Agreement. The leveraged funds described in the approved Application must be used for the same purposes and under the same terms, rates, and conditions, as specified in the approved application, unless prior written concurrence is received from the Grantor. Grantee must secure from Mateski Properties, LLClSystematic Refrigeration, Inc. the necessary documentation that all project funds have been used for the items and purposes stated in the Grant Application, prior to requesting grant closeout from the Grantor. The Grantee shall enter into a Loan Agreement with Mateski Properties, LLC/Systematic Refrigeration, Inc. (hereafter "Borrower") for Three hundred thousand dollars .($300,000), to be used for the purposes, conditions and terms as stated in the approved Application, and may not be modified without prior written approval from the Grantor. The term of the loan will be 120 months and the interest rate will be 3%-for the term of the loan. Principle and interest payments shall be deferred for six months. The first monthly payment of principle plus interest will be due to the city on November 1, 2000. Grantee's attorney must review Loan Agreements, promissory notes, security agreements, mortgages, guaranties or other documents, if any, considered necessary by the Grantee to secure the loan to ensure that they are valid, binding and enforceable. Special conditions 10, 11, 12, 13, and 14 included in this Agreement must be incorporated into the Loan Agreement. A copy of the Loan Agreement, promissory note, and amortization schedule, and evidence of security filings, must be submitted to the Grantor for review prior to requesting funds. -276- I I I I I I I, I i I I I i I I I I I