8932-17 Authorize three-year loan to Western Reserve Distillers

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Permanent improvements to 14221 Madison Avenue $90,000 Section 1.03 Timetable for Project Activities Borrower shall perform the Project in accordance with the following schedule: Activity I Commencement Date I Completion Date Permanent improvements to 14221 Madison Avenue < Start Date>> <<Complete Date>> Section 1.04 Guarantee of Completion Borrower unconditionally and irrevocably guarantees timely completion of the Project in accordance with Section 1.03 of this Loan Agreement. To accomplish complete and timely execution of the Project, Borrower 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 Borrower 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 Borrower. Successful completion of the Project is defined as substantially completing all work listed in Article I of this Loan Agreement, reasonably within the time lines listed in Section 1.03 of this Loan Agreement, and with a total cost of at least the amount listed as Total Project Costs in Section 1.01 of this Loan 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 Borrower's control, the time for completion of the Project shall be extended by mutual agreement in writing between the Borrower and the City. Section 1.05 Job Creation, Hiring, Documentation & Reporting Requirements Total & Low- Moderate Income Job Creation & Hiring Requirements Borrower agrees to create no fewer than five (5) new, permanent, full -time equivalent (FTE) jobs within a period not exceeding twenty -four (24) months after execution of this Agreement. Moreover, Borrower pledges and will document as follows at least 51 percent (51%), a minimum of three (3), of the jobs created will be suitable for, made available to, and held by low- moderate income (LMI) persons earning less than 80% of the Area Median Income (AMI) established annually by the U.S. Department of Housing and Urban Development (HUD) prior to being hired. The standard for job creation shall be that set by HUD at 24 Code of Page 3 of 19