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Docusign Envelope ID:FECAOD51-A487-4078-961 E-OD56727B95DC
<br /> WHEREAS, the cost of the Project (including land acquisition, soft costs and ongoing
<br /> j improvements)is estimated to be no less than$50,000,000 Dollars;and,
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<br /> WHEREAS,the Project is projected to employ approximately 45 full time persons;and,
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<br /> WHEREAS the City has determined that the Project requires the incentive requested and that the
<br /> Project will promote the health, safety and welfare of the City and its citizens,strengthen the commercial
<br /> sector of the City by attracting private investment to prevent blight and deterioration,enhance the tax base
<br /> of the City and provide employment and generally to enhance the economy of the City and is made and
<br /> entered into in the best interest of the City.
<br /> NOW THEREFORE, in consideration of the promises and mutual covenants and obligations of
<br /> the parties contained herein,and other good and valuable consideration,the receipt and sufficiency whereof
<br /> are hereby acknowledged, the parties hereto, intending to be legally bound, hereby covenant and agree as
<br /> follows:
<br /> ARTICLE I: DEFINITIONS
<br /> "Applicable law" means all laws, statutes, acts, ordinances, rules, regulations, permits, licenses,
<br /> authorizations, directives, orders and requirements of all governmental authorities having
<br /> jurisdiction,that now or hereafter during the term of this Agreement may be applicable to the City,
<br /> the Developer, and/or the Project, and the design, improvement, maintenance, use and operation
<br /> thereof,including those relating to employees,zoning,building,health,safety,hazardous materials,
<br /> and accessibility of public facilities.
<br /> "Project" means the design, renovation, improvement, and opening of a manufacturing facility
<br /> and, at Developer's option, a regional distribution facility to be constructed,owned and operated
<br /> by the Developer,each within the Development Area. j
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<br /> "Public Investment" means the costs actually incurred by the City for demolition costs for the
<br /> Project as set forth in Article IV of this Agreement.
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