2021-35 - Loan for historic preservation of St. James School

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Borrower shall undertake, or cause to be undertaken, the activities described in the Borrower's request (collectively referred to as the "Project"), as more fully described in Project Profile, attached hereto as Exhibit B to this Agreement and made a part hereof by this reference as if fully rewritten. The Project shall consist of rehabilitating the historic school structure to a modern professional office with approximately 23,000 square feet of leasable area at 17514 Detroit Avenue, PPN 311-23-022 ready for residential development. The total cost of project construction is approximately $3,105,851. Section 1.02 Sources and Uses of Funds for the Project Sources of Funds The Loan shall be contingent upon the Borr ower's procu�%ng either a contract from a reputable lender and/or showing documented evidence f the equip necessary . complete the work as outlined in Exhibit C. Borrower shall not rnploy financing,'_,sources ,other J. those identified above unless Borrower receives the prior written,*.,,.approval +the City. Use of C1ty Loan Funds The Loan fro" the City to the Borrow"r (�`Lo .Funds") shall be in the amount of One Hundred Seventy- Five Thousand Dollars - �O11 75,000) in accordance Vvith� Article II and the other provisions of this Loan Agreeft e t Such Loan Funds shall be used for: Section 1.03 Timetabl6"forl'�c ect Activities Borrower shall substantially complete construction of the funded project as evidenced by the issuance of a Certificate of Occupancy on or before July 1, 2022: Section 1.04 Guarantee of Completion Borrower unconditionally and irrevocably guarantees timely completion of the Project in accordance with Section 1.03 of this 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. Page 2 of 30