Agenda Package - 08-26-11 Spec Meeting

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lI Special Conditions EXHIBIT "A" Page 11 Investment No. 04 -01 -06546 Recipient shall prior to soliciting bids for the construction of improvements funded by this Award obtain and deliver to the Government approvals from Womack and the IDC verifying approval of all improvements, plot layouts, exterior elevations, landscaping and parking for the improvements to be constructed on the Project Site by funds from this Award prescribed in paragraphs 2 and 4 of the Restrictive Covenants. Defined words in this Special Award Condition shall have the meanings attributed to such words in the preceding Special Award Condition. Additionally Womack and the IDC shall also provide Recipient with (and Recipient shall deliver to the Government) approval for all building front, side and rear setback requirements prescribed in paragraph 3 of the Restrictive Covenants. 22. LEASE OF BUILDING: Each lease arrangement of the building(s) funded by this grant award shall be subject to the prior written approval of the Economic Development Administration (EDA). Prior to EDA granting said approval, it must be satisfied, inter alia, that said lease arrangement is consistent with the authorized general and special purpose of the grant award; that said lease arrangement will provide adequate employment and economic benefits for the area in which the property is located; that said lease arrangement is consistent with EDA policies concerning, but not limited to, non- discrimination, and that the proposed Lessee is providing adequate compensation to the Lessor for said lease arrangement. Adequate compensation is determined by the reasonable fair commercial rental value in the community which the project is located. Typically, EDA relies on written verification of this rental value from a local real estate broker. 23. MATCHING FUNDS: Within 30 days from the date the Government signs this Award, Recipient shall provide to the Government a fully executed award agreement between Recipient and the North Carolina Department of Commerce evidencing a $500,000.00 grant to Recipient as the matching funds for this Award. If for any reason the award agreement is not delivered to the Government within said 30 day period, Recipient agrees, at the Government's request, to terminate this Award for convenience. Alternatively, Recipient may provide the Government with written verification, satisfactory to the Government, that Recipient has immediately available, unencumbered funds in the amount of $500,000.00 committed to the Project. 24. FREEDOM OF INFORMATION ACT (FOIA): EDA is responsible for meeting its Freedom of Information Act (FOIA) (5 U.S.C. § 522) responsibilities for its records. DOC regulations at 15 C.F.R. part 4 set forth the requirements and procedures that EDA must follow in order to make the requested material, information, and records publicly available. Unless prohibited by law and to the extent required under the FOIA, contents of applications and other information submitted by applicants may be released in response to a FOIA request. Applicants should be aware that EDA may make certain application information publicly available. Accordingly, the applicant should notify EDA if it believes any application information to be confidential.