Laserfiche WebLink
, , <br /> �ook : 3H55 Rage: 445 <br /> Whereas, City agrees to provide funds for renovation work to the exterior <br /> design and facade of the building, subject to the financial limitations set forth <br /> herein and the CDBG Program guidelines established by HUD, and; <br /> Whereas, Owner agrees to renovate the exterior design and facade of the <br /> building in accordance with the terms of this agreement, CDBG guidelines and <br /> Owner's contract for facade renovation as the same shall have been reviewed <br /> and approved by City, and maintain said renovations for a minimum of ten (10) <br /> years, and; <br /> Whereas, it is the Parties' intent that this agreement bind the current <br /> owner of the property as well as all subsequent owners, for a period of ten years <br /> commencing from the City's approval of the completed exterior design and <br /> facade improvements; <br /> Now, therefore, in consideration of the sums of money to be paid by City <br /> for restoration of the exterior design and facade of the building, and Owner's <br /> covenants to renovate and maintain the exterior design and facade, the parties <br /> agree as follows: <br /> 1. City shall, from available Community Development Block Grant <br /> Program funding, pay the first Sixty-five Thousand dollars ($65,000) for approved <br /> exterior building design and facade work, upon receipt of pay requests for same. <br /> City shall retain ten percent (10% "retainage") from each such pay request, which <br /> shall be held by City pending completion of the farade renovation work and <br /> receipt by the City of copies of final lien waivers, at which time City shall pay the <br /> retainage to Owner. City shall be under no obligation to release retainage until <br /> the exterior design and farade renovations are completed and approved by City. <br /> City's liability hereunder for all such renovation work, including all professional <br /> fees, shall not exceed Sixty-five Thousand Dollars ($65,000) per fa�ade <br /> renovation, for a maximum of one (1) farade renovation per owner, per year. If <br /> Owner fails to meet every requirement of this agreement, City may demand, and <br /> Owner shall repay, all funds paid by City to Owner under this agreement. <br /> 2 <br />