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

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I I I I I I evidentiary materials shall include, but not be limited to, an updated est/mate of the cost oft. he Equipment showing that the total cost of the Equipment will be at least $2,738,000. Section 5.3. Pro_iect Time Frame. The time frame outlined in the Grant Application pertaining to the Project shall be met by the Developer. Section 5.4. Loan Terms. The term of the Loan shall be five (5) years, commencing as of June 1, 1997. The loan shall bear interest at a rate equal to the prime rate as publicly announced from time to time by Norwest Bank, N.A., which rate shall change as and when such prime rate shall change. Section 5.5. ~oan Repayments Schedule. The Loan shall be forgiven if the Developer complies with the terms of Section 7.1 of this Agreement and all other terms and conditions of this Agreement. Section 5.6. ~,everaged Funds. The Leveraged Funds described in the Grant Application must be used for the same proposes and under the same terms, rates, and conditions as specified therein unless prior written consent is received from the Grantor Agency. ARTICLE 6 ~PROVISION OF EVIOENTIARY MATERIAL REOUIREMENT Section 6.1. Provision of Evidentiary Materials. The Developer shall agree to provide to the City all evidentiary materials according to the format and timetable cited in the Grant Agreement. The City will forward said materials to the Grantor Agency and assist in expediting reviews leading to a release of the Loan. Section 6.2. ~Do¢ometl~ation of Use of Funds. The Developer must provide the City with necessary documentation that the Loan proceeds and leveraged funds have been used for the items and purposes stated in the Grant Application, prior to submitting the final progress report and requesting grant cIoseout from the Grantor Agency. Section 6.3. Equipment Cost. The Developer must document that the Equipment is of reasonable cost. ARTICLE 7 ~?ROVISION OF NEW PERMANENT JOBS Section (a) (b) 7.1. Wage and Job Covenants. On the Forgiveness Date, the Developer shall be maintaining at the Developm..ent Property at least 40 new full- time equivalent, permanent jobs (the "New Jobs"), at wage levels specified i~,special condition number 10 of the Grant Agreement. The New Jobs shall be created no later than May 31,199.,9 and shall be computed using a start date of September 6, 1996. These New Jobs shall be in addition to th~ 208 jobs that existed at the Development Property as of the date of this Agreement, which must also be maintained on the Development Property at all times during the term of this Agreement. Minnesota Statues 116J.991 applies to this project as specified in special condition 11 of the Grant Agreement. f the Developer fails to comply with any of the terms of Section 7. l(a), the Develo, per shall immediately repay to the City upon written demand from the City the full amount of the Loan. The Developer specifically acknowledges that a failure to comply in every regard with the provisions of this Section 7.1 shall constitute a default hereunder, and that no opportunity to cure shall be allowed.