Agenda - Council - 12/15/1998 - Laserfiche WebLink

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ARTICLE 1 DEFINrr~o~s Section 1.I. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "City" means the City of Rarnsey. "Developer" means Vision-Ease Lens, Inc., a Minnesota corporation. "Development Contract" means the Contract for Private Development by and between the City and the Developer dated August 8, 1996. "Development Property" means the real property described at Exlu~bit E hereto. "Equipment" means the machinery and equipment purchased by the Developer with the Loan and described at Exhibit A hereto. "Forgiveness Date" means June 1, 2002. "Grant Agreement" means Minnesota Department of Trade and Economic Development Grant Agreement # CDAP- 96-0298-H-FY97. "Grantor Agency" means the Minnesota Department of Trade and Economic Development. "Leveraged Funds" means the funds provided by or for the account of the Developer pursuant to Section 2.1. "Loan" means the funds loaned by the City to the Developer pursuant to this Agreement. "MIF" means Minnesota Investment Fund. "Project" means the expansion of Vision-Ease Lens, Inc. w/th the assistance of MIF funds for the purchase of new machinery and equipment. "State" means the State of Minnesota. ARTICLE 2 FINANCING FOR PROJECTS .:~ Section 2.1. Pro_leer Financing. The Developer has, pursuant to the terms of the Devel6pment Contract, secured from the City a commitment for $976,603 of tax increment financing necessary to complete th~' Project, in a form and under condit/ons satisfactory to both parties. Section 2.2. Developer's Equity. and Other Financing. The Developer shall commit not less than $11,505,000 of equity to be used for the completion of the Project. Section 2.3. MIF Loan/Grant. The $200,000 Minnesota Investment Fund Grant award ~vill be used by the City t.~ make a loan of $200,000 to the Developer for the Equipment. I I I I, I I I I I I I I I I I