8923-17 Economic Development Grant to University Tees

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E. WHEREAS, the City desires to make the Grant to University Tees, Inc. so that the Grantee can carry out its plans, subject to the terms and conditions of this Agreement as set forth below; and F. WHEREAS, City Council adopted Resolution on approving the grant as described below attached hereto as Exhibit A. NOW, THEREFORE, in consideration of the mutual promises and covenants stated below and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the City and University Tees, Inc. agree as follows: ARTICLE I - PROJECT Section 1.01 Grant Project Grantee shall undertake, or cause to be undertaken, the activities described in the Grantee's proposal application (collectively referred to as the "Project "), as more fully described in Exhibit B to this Agreement. The Project shall consist of the purchase and installation of building materials and infrastructure to make permanent building repairs and renovations to the building and site at 13000 Athens Avenue, PPN 315- 21 -002. The total rehabilitation cost of the Project shall be approximately $400,000 Section 1.02 Sources and Uses of Funds for the Project The total rehabilitation cost of the project is approximately $400,000 and shall be financed from the following sources: (1) The Grant from City to Grantee which shall be in an amount not to exceed ($100,000) in accordance with Article II and the other provisions of this Grant Agreement (the "Funds" or "Grant Funds "). (2) Borrower equity in the amount of $300,000 The Grant shall be contingent upon the Borrower's procuring either a contract from a reputable lender and /or showing documented evidence of the equity necessary to complete the work as outlined in Exhibit B. Borrower shall not employ financing sources other than those identified above unless Borrower receives the prior written approval of the City. Use of City Grant Funds The Grant from the City to the Borrower ( "Grant Funds ") shall be in an amount not to exceed One Hundred Thousand Dollars ($100,000.00) in accordance with Article II and the other provisions of this Grant Agreement. Such Grant Funds shall be used for: the purchase and installation of building materials and infrastructure to make permanent building repairs and renovations to the building and site at 13000 Athens Avenue. A more fully described scope of work is included as Exhibit B. Page 2 of 22