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<br />D. WHEREAS, the City desires to make the GRANT to Grantee so that Grantee can carry <br />out its plans, subject to the terms and conditions of this Agreement as set forth <br />below; <br /> <br />E. <br /> <br />WHEREAS, City Council adopted Ordinance <br />approving the GRANT as described below. <br /> <br />on <br /> <br />,2004, <br /> <br />NOW, THEREFORE, in consideration of the mutual promises and covenants stated below <br />and other good and valuable consideration, receipt and sufficiency of which are hereby <br />acknowledged, the City and the Grantee agree as follows: <br /> <br />ARTICLE I - PROJECT <br /> <br />Section 1.01 <br /> <br />GRANT Proiect <br /> <br />Grantee shall undertake, or cause to be undertaken, the activities described in the Grantee's <br />GRANT application (collectively referred to as the "Project"), as more fully described in Exhibit A <br />to this Agreement. <br /> <br />The Project shall consist of the redevelopment of the Project Site by the Grantee as <br />hereinafter described on Exhibit A. The Project Site includes the vacant parcel of land located at <br />12000 Berea Road, Lakewood, OH 44107 (Permanent Parcel Number 315-25-007). The <br />approximate boundary lines of the Project Site and the location of the proposed new facility are <br />shown on the Attached Exhibit E, which is incorporated herein by reference. <br /> <br />The Grantee shall construct a new building for a printing business. The total cost of the Site <br />Preparation Project shall be approximately Five Hundred Thousand Dollars ($500,000). The total <br />cost of the new building including acquisition shall be One Million Two Hundred Thousand Dollars <br />($1,200,000). <br /> <br />Section 1.02 <br /> <br />Sources and Uses of Funds for the Proiect <br /> <br />The total cost of the project is Five Hundred Thousand Dollars ($500,000) and shall <br />be financed from the following sources: <br /> <br />.' <br /> <br />(1) The GRANT from City to Grantee which shall be in the amount of Two <br />Hundred Thousand Dollars ($200,000) in accordance with Article II and <br />the other provisions of this GRANT Agreement (the "Funds" or "GRANT <br />Funds"). <br /> <br />(2) City Tax Increment Financing shall be in the amount of Three Hundred <br />Thousand ($300,000). <br /> <br />The GRANT shali be contingent upon the Grantee's procuring either a commitment lender <br />from a reputable lendor and/or showing documented evidence of the equity necessary to complete <br />the construction of the new building. Grantee shall not employ financing sources other than those <br />identified above unless Grantee receives the prior written approval of the City. <br /> <br />Page 2 of 16 <br />