Minutes - 1-6-14 Reg. Meeting - Laserfiche WebLink

Home Browse Search

Ln BK - 00026 PG:0241 NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree upon the following terms: 1. The County will loan a principal sum of up to ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000) (hereinafter, "the loan"), to Borrower under the terms contained hereunder. 2. The Borrower will use the loan proceeds exclusively to make the building renovations and infrastructure improvements to the Redman Building Property as shown on Exhibit A attached hereto and incorporated herein by reference. 3. The loan proceeds will be disbursed as follows: a. At the time the Borrower receives a bill for work performed by a vendor under contract with the Borrower to perform one or more of the tasks noted in Exhibit A, or to supply materials or equipment for such tasks, the Borrower will transmit the same to the Lee County Finance Office which will provide a joint check to the Borrower and the vendor for said services, equipment, or material. b. This process will be repeated for each qualified bill until the designated work is completed or the $150,000 loan proceeds are expended. c. The County shall have the right to go upon the premises from time to time to inspect the work and may suspend further disbursements in the event work, equipment or materials previously paid by loan proceeds appears not to have been performed or provided to the site. d. Borrower shall have one year to draw down funds under the Agreement from the date of execution by the Borrower. 4. Commencing two years from the date of execution of this Agreement by the Borrower, the Borrower shall repay to the County all sums loaned and disbursed (hereinafter the "actual loan proceeds ") hereunder by the County as follows: Five annual principal payments with zero interest in equal annual installments. 5. This Note is given for money loaned, or to be loaned, by the County to the Borrower for the sole public purpose of building renovations and infrastructure improvements (such improvements hereinafter collectively referred to as "renovations" or "the renovation phase ") to the Redman Building Property, thereby creating new jobs and taxable investment in the County. As provided hereinbelow, the loan shall be solely used for such 2