8923-17 Economic Development Grant to University Tees

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Section 1.03 Timetable for Project Activities Grantee shall perform the Project in accordance with the following overall schedule: Activity Commencement Date Completion Date Purchase and installation of building materials and February 1, 2016 July 31, 2021 infrastructure per scope of work Recognizing the incremental nature of this project, Grantee shall be allowed to submit invoices for qualifying expenses up to once a year. 25% of qualifying expenses will be rebated per submission, up to $100,000 as long as job creation goals are met. Section 1.04 Guarantee of Completion Grantee unconditionally and irrevocably guarantees timely completion of the Project in accordance with Section 1.03 of this Grant Agreement. To accomplish complete and timely execution of the Project, Grantee shall make payment for any cost overruns. This guarantee shall not hinder the City in any way from requiring other individuals or entities not party to this Agreement, including but not limited to tenants, contractors and subcontractors, to make similar guarantees in connection with the Project. Upon the City's request, the Grantee shall provide the City a completion guaranty with respect to said obligation in the form of a performance bond, letter of credit or, if the City shall so require, a completion guaranty personally executed by the Grantee. Successful completion of the Project is defined as substantially completing all work listed in Article I of this Agreement, reasonably within the time lines listed in Section 1.03 of this Grant Agreement, and with a total cost of at least the amount listed as Total Project Costs in Section 1.01 of this Grant Agreement. If completion of the Project is delayed at any time by an act or neglect of the City or by labor disputes, fire, unusual delay in deliveries, unavoidable casualties, or other causes beyond Grantee's control, the time for completion of the Project shall be extended by mutual agreement in writing between the Grantee and the City. Section 1.05 Job Requirements, Documentation and Reporting Requirements Total Job Retention Requirements Upon completion of expansion work and staff hiring, Grantee will submit invoices for qualifying expenses and Certified Payroll statements for new employees. Grantee will be eligible for up to $25,000 rebate for every four (4) permanent, full -time equivalent (FTE) jobs. Pre -Grant Documentation Requirements Prior to initial grant payment, Grantee shall complete and submit: (1) "Baseline Employment Summary," shall be submitted to the City, indicating its number of full - time equivalent payroll positions and employees prior to executing this Agreement to establish a "benchmark" from which to measure and verify total employee FTE jobs at the time of this Page 3 of 22