Agenda - Council - 12/12/1995 - Laserfiche WebLink

Home

I I I I I ! I I I I I I I I I I I I I 9. 10. BUILg~ING FACADE. The Permittee agrees to construct all building faces of the san~ material as listed on the Building Elevations prepared by BDH & Young, consis ,ting of one (1) sheet dated November 28, 1995. TAX _INCREMENT FINANCING. The assistance will include the dedication of a 78i840 square foot site. ThE City will also dedicate an additional $20,000 toward !site improvements which win be marie available upon the receipt of lien waive~ for this work, evidence of all expenditures on site improvements, and the issuane~b of a certificate of occupancy by the City. In exel~ange for the above participation, the City will place a special assessment againstlthe property in the amount of $70,000 over ten years at 8.25%. This assess _ment would be levied in 1996 with the f'trst payment in May, 1997. In addi§on to the above, thc City is proposing to participate in the financing of a submer~ible wire E.D.M. machine, utilizing its equipment loan fund. Prior to doing sb, however, the City requires satisfaction of the First National Palletizing and SA WNA CAD leases. This participation is proposed to be in the form of equity I ar the E.D.M. machine not to exceed 25% of a $250,000 purchase. This participation will be available the latter of October 30, 1996 or three months after the Cer ~icate of Occupancy is issued for the facility. FINAI~ICIAL ASSISTANCE. The City shall be responsible to provide paymer[t of the financial assistance listed in Paragraph 8 at the time that a Certificate of Occupancy is issued or as otherwise stated in Section 2.2 of the development agreement. The payment for the Site Improvements shall be made at the time a Certificate of Occupancy for the development property is issued. These payments will be imade only if all property taxes, City fees and charges on the property are current] REQU~iREMENTS FOR BUILDING PERMIT. No building permit for the Site wi/il be issued until the Pemaittee has .signed and returned this Development Permitj At the time of building permit issuance, all plan check fees, state surcharges, permit fees and sewer and water access charges shall be paid in full. No Cer0_ficate of Occupancy for occupancy of the structure will be issued until the Required, Improvements are accepted by the City. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvi:ments shall be completed before July 1, 1996. ESCR financi~ hereby the Cir with Ci constru comple for said describ )W. The City and Permittee herein agree that the Standard forms of . guarantee to ensure the installation of the Required Improvements are ~,aived. The Permittee herein agrees that the tax increment payments from to the Petmittee described in Paragraph 8 of this Permit shall serve as guarantee that' thc Required Improvements will be installed in accordance specifications and in a timely manner. In the event the Permittee fails to :t and install the Required Improvements as required herein, the City may e the Required Improvements with City day labor md/or by letting contracts completion and deduct the cost of same from the payment to the Permittee d in Paragraphs 8 and 9 of this Agreement.