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B K- 00026 PG <br />v <br />purposes. Borrower acknowledges and agrees that this promissory note is a valid <br />obligation of the Borrower and that, but for this loan, Borrower would not expand its <br />business to Lee County. Borrower's signatories certify that it has authority to enter into <br />this obligation and is doing so willingly. <br />6. The Borrower, as a part of its economic development obligations, shall: <br />a. Use the loan proceeds only for renovations and infrastructure improvements noted <br />on Exhibit A; and, <br />b. Occupy and maintain the site for at least four and one half years (4 %) years from <br />the date of execution of this Agreement by the Borrower; <br />c. Create at least 35 jobs within eighteen (18) months from the date of execution of <br />this Agreement by the Borrower at an average salary of no less than $27,260.00 <br />and maintain such jobs for at least four and one half (4 %2) years after the execution <br />of this Agreement by the Borrower; <br />d. Create at least 50 jobs within twenty -four (24) months from the date of execution <br />of this Agreement by the Borrower at an average salary of no less than $27,260.00 <br />and maintain such jobs for at least four (4) years after the execution of this <br />Agreement by the Borrower; <br />e. Make a four million dollar ($4,000,000.00) investment in taxable property in the <br />County within eighteen (18) months from the date of execution of this Agreement; <br />and maintain such level of investment for four and one half (4 %2) years after the <br />execution of this Agreement by the Borrower; <br />f. Make timely payment of real and personal property taxes; and, <br />g. Submit to the County an annual report detailing the number of jobs created, the <br />compensation provided for such jobs, the amount of investment in taxable property, <br />and any other information deemed necessary by County. <br />7. Misuse of the funds or use of the funds for a purpose not approved or authorized pursuant <br />to the terms and conditions of this Agreement, failure to submit the required annual report, <br />and/or failure to fulfill the obligations expressly stated in this Agreement shall result in a <br />default by the Borrower. In the event of a default, an interest rate of eight percent (8 %) <br />shall retroactively be applied to each and every disbursement of actual loan proceeds from <br />the date of disbursement until paid in full. In the event of default in payment of any <br />3 <br />