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R2008-68 AUTHORIZING FUNDING AGREEMENT
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R2008-68 AUTHORIZING FUNDING AGREEMENT
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Last modified
10/22/2015 4:43:35 PM
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10/22/2015 4:43:30 PM
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Resolution/Ordinance
Res Ord Num
R2008-68
Res Ord Title
AUTHORIZING FUNDING AGREEMENT FOR THE ECONOMIC DEVELOPMENT AGREEMENT FY 2008 / 2009
Approved Date
5/19/2008
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Baok : ;�`���� F-'age : 921 <br /> agreement, CDBG guidelines and Owner's contract for renovation as the same <br /> shall have been reviewed and approved by City, and; <br /> �her�a�, it is the �arties' intent that this dgreerr�er�t bind the curreni <br /> owner of the property as weil as all subsequent owners, for a period of two years <br /> commencing from the City's approval of the completed exterior design, security, <br /> facade improvements; <br /> Now, therefore, in consideration of the sums of money to be paid by City <br /> for security improvements and restoration of the exterior design and facade of <br /> the building, and Owner's covenants to renovate and maintain the exterior design <br /> and facade, the parties agree as follows: <br /> 1. City shall, from available Community Development Block Grant <br /> Program funding, reimburse Owner for approved work to the building, upon proof <br /> that Owner has first expended such sums as City shall require as and for <br />' Owner's share of the improvements, and only for such eligible amounts as <br /> remain due and owing after Owner has paid Owner's share of the exterior design <br /> and facade improvements. City's liability hereunder for all such renovation work, <br /> including all professional fees, shall not exceed One Hundred Thousand Dollars <br /> ($100,000) for the property. If Owner fails to meet every requirement of this <br /> agreement, City may demand, and Owner shall repay, all funds paid by City to � <br /> Owner under this agreement. <br /> 2. Upon completion of the security, exterior design and facade renovation <br /> work and approval by City of the same, and continuing for a period of two (2) <br /> years thereafter, Owner shall make no alterations, repairs, improvements or II <br /> additions to, nor shall Owner remove any portion of, the exterior design or facade I <br /> of the building, including signs, lighting and other implements attached thereto, in <br /> such a way as would materially alter the aesthetic character of the exterior <br /> design and facade of the building, as the same was approved by the City prior to <br /> final release of funds pursuant to this agreement. City shall be under no <br /> obligation to release funds under this agreement until the exterior design and <br /> fa�ade renovations are completed, and approved by City. <br /> 2 <br />
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