Resolution - #02-01-006 - 01/08/2002

Home

that the amount of the Business Subsidy granted by the City to the Developer under this Agreement is $892,000.00 which is an amount equal to the fair market value of the Development Property, site improvements, capitalized interest and equipment financing. The Developer further acknowledges that the Business Subsidy is needed because the Project is not sufficiently feasible for the Developer to undertake without the Business Subsidy. The Tax Increment District is a redevelopment district and the public purpose of the Business Subsidy is to encourage the redevelopment of the property in the City. The Developer agrees that it will meet the following goals (the "Goals"): It will retain 38 jobs and it will create at least 7 full time jobs in connection with the development of the Development Property at an hourly wage of at least $10.00 per hour within two years from the Benefit Date, which is the date of the building permit issued by the City for the redevelopment of the property. The City, pursuant to the terms and conditions of the Loan Agreement and Promissory Note, hereby consents to the Assig~m~ent of the Loan Agreement, as amended, and the Promissory Note contingent upon: (a) (b) ZZ promising and agreeing (i) to assume and pay the indebtedness evidenced by the Loan Agreement, as amended, and Promissory Note at the times, and in the manner, and in all respects as therein provided; (ii) to perform each and all of the obligations set forth in the Mortgage and the Security Agreement at the times, in the manner, and in all respects as therein provided; and (iii) to be bound by each and all of the terms of the Loan Agreement, as amended, the Promissory Note, the Mortgage and the Security Agreement, as though the Loan Agreement, as amended, the Promissory Note, the Mortgage and the Security Agreement and each of them were originally made, executed m~d delivered by ZZ. Written approval by the Grantor Agency. The City hereby consents to the amendment of Section 7.1 (a)(2) of the Loan Agreement so that said Section provides as follows: The public purposes and goals of the subsidy are to retain jobs and to increase net jobs in the City and continue operations at the site for at least five years following the Benefit Date. and the City hereby consents to the amendment of Section 7.1(b) so that said Section provides as follows: By no later than May 1, 2002 (the "Compliance Date") and continuing through at least the Compliance Date, the Developer shall retain thirty-eight (38) full-time equivalent jobs (the "Retained Jobs") and shall create at least seven (7) new full- time equivalent jobs (the "New Jobs") on the Development Property. The New Jobs must pay a wage of at least $10.00 per hour, exclusive of benefits RESOLUTION #02-01-006 Page 3 of 5