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Project Description: <br />University Tees has outgrown their current headquarters space within the Omni (Screw Factory) building. They <br />anticipate doubling their total square footage within the Omni Building over the next five years. <br />University Tees has requested an Economic Development Grant totaling $100,000 to make permanent building <br />and site improvements to facilitate expansion. Qualifying expenses would include but are not limited to: <br />- Adding walls <br />- Structural upgrades <br />- Windows <br />- Electrical upgrades <br />- Lighting <br />- HVAC upgrades <br />- Other permanent improvements to bring the property into compliance with the building and zoning <br />codes <br />University Tees will submit invoices and proof of payment for approved upgrades annually. 25% of approved <br />costs will be released by the City as a forgivable grant at each annual submission. City contributions will be <br />capped at $100,000 over the course of the project. <br />In the short term, University Tees have identified approximately 5,700 ftZ adjacent to their current office space <br />which could be upgraded to fit their needs. Build -out of this space is anticipated to begin in March 2017 and be <br />completed by June 2017. <br />Page 20 of 22 <br />