Minutes - Jan. 9, 2012 Regular Meeting

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LJ amp 24 'J "; 619 2012 -042- 60501 -107 AGREEMENT 11 THIS AGREEMENT, entered into this the 16 day of December. 2011 by and between the Lee County (hereinafter referred to as "GRANTEE") and the Rural Economic Development Center, Inc. (hereinafter referred to as "CENTER "), a North Carolina non -profit corporation. WITNESSETH: THAT, WHEREAS, the CENTER was organized for the purpose of stimulating economic development and job creation in distressed areas through the reuse of vacant buildings; and WHEREAS, in its efforts to stimulate and encourage economic development and job creation, the CENTER contracts with local governments to conduct construction and development activities to solidify the location of a business or industry in vacant and/or abandoned buildings in its jurisdiction; NOW, THEREFORE, in consideration of the mutual promises and such other valuable consideration as shall be set out herein, the parties hereto do mutually agree to the following terms and conditions: Scope of Program/Other Agreements (a) The GRANTEE shall cause the Property Owner to execute a Loan/Performance Agreement, to develop, perform and complete the work set out in Exhibit A, B, C, and D (hereinafter referred to as the 'Project ") and said Project being that work described in a proposal entitled "WST Industries Expansion Building Renovation Project" as approved by the CENTER. (b) The parties acknowledge that the funds provided hereunder have been provided in order to facilitate the creation of jobs in the community, and are subject to return to the CENTER if such jobs are not created and maintained. Therefore, GRANTEE agrees to enter into a Loan/Performance Agreement (the "Performance Agreement ") substantially in the form attached hereto as Exhibit E with the owner of any real estate on which the Project is located. GRANTEE agrees to provide a copy of the same to the CENTER prior to execution for the CENTER'S review and approval, and an executed copy after signing. In the event any sums are repaid under the Performance Agreement, all such amounts will be paid to the CENTER. The GRANTEE will insure that the Loan Performance Agreement and Promissory Note are properly executed by the Owner and GRANTEE and that the execution constitutes an enforceable agreement against the Owner. Default under this provision will obligate the GRANTEE to repay any sums due back to the Center that may not be recovered from the Owner. (c) GRANTEE agrees to provide CENTER with any information obtained pursuant to the Performance Agreement, and to allow the CENTER to execute any rights of the GRANTEE thereunder, including any rights of access, review or monitoring. (d) GRANTEE agrees to exercise all of its rights and duties under the Performance Agreement in a prudent manner to ensure the use of the funds for the intended purposes and objectives and to preserve the rights of the CENTER hereunder and thereunder. 2. Changes in the Project