Laserfiche WebLink
<br />agrees to examine all submittals of Plans and Specifications promptly and to cooperate, to the extent <br />permitted by law, with Vedda in good faith so that all approvals, which are necessary or advisable for the <br />construction of the Project, are granted, to the extent permitted by law, as expeditiously as possible by the <br />City. \ <br /> <br />5, Property Acquisition. Following execution of this Agreement and upon authorization by City <br />Council to issue TIF bonds and expend the EDF Funds, Vedda agrees to exercise the Purchase Agreement <br />and acquire the Project Site within thirty (30) days. Further, Yedda agrees to cooperate with the City and to <br />allow full access to the Project Site by the èity and its contractors for the purpose of completing the Site <br />Preparation activities in Section 6(a) and described more fully in Exhibit A. <br /> <br />6. Redevelopment of the Proiect Site. The Project Site includes Permanent Parcel Number 315- <br />25-007 and the redevelopment shall include the construction of a new printing facility by Yedda onto the <br />Project Site. The approximate boundary lines and location of the Project Site are shown on the attached <br />Exhibit B, which is incorporated herein by reference. The Project shall consist of a Pre-Development and <br />Development Phase. <br /> <br />(a) Pre-Development Phase: The Pre-Development Phase shall consist of the site <br />preparation activities on the Project Site, further described in Exhibit A, by the City. <br /> <br />(b) Development Phase: Yedda agrees to construct a new 16,000 +/Square Foot light <br />industrial building for an expanded printing facility with associated printing presses on the Project Site. <br />Vedda aclmowledges that the estimated construction cost is approximately One Million Dollars <br />($1,000,000.00) and has secured the following funding commitments: <br /> <br />One Million Seven Hundred Thousand Dollars ($1,700,000.00) Sources of Funding: <br /> <br />A. Private financing! 1,000,000.00 <br />B. Application Inj ection/Equity 200,000.00 <br />C. City of Lake wood EDF Fund 200,000.00 <br />D. City of Lake wood TIF Funds 300,000.00 <br /> <br />Upon completion of the Pre-Development Phase by the City, Yedda will immediately commence the <br />Development Phase. All obligations specified in Section (5)(a) and (b) of this Agreement shall be completed <br />by the end of the Development Period, unless an extension of said Development Period is agreed to by the <br />City in writing. <br /> <br />(c) After completion of the items described in the preceding paragraph (b), Vedda agrees <br />to relocate Phil Yedda & Sons, Inc., to and operate business from 12000 Berea Road. Yedda currently has <br />eleven jobs with an estimated total payroll of not less than Dollars <br />($ .00) per year. <br /> <br />(d) Yedda agrees to occupy the Development Site and conduct business at 12000 Berea <br />Road for a minimum period of five (5) years from date of completion. This commitment applies so long as <br />Vedda is in business and there are no acts of God (i.e. tornado) affecting usability of the site. <br /> <br />3 <br />