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<br /> MEMORANDUM OF AGREEMENT
<br />This Memorandum of Agreement is between the City of
<br />Louisville, Colorado (the "City") and Larry J. and Karen K.
<br />Thompson (refer~ed to herein as the "User").
<br />1. Preliminary Statement. Among the matters of mutual
<br />inducement which have resulted in the execution of this Agreement
<br />are the following:
<br /> ( a ) T~e City is a municipal corporation in the
<br />State of Colorado, a body politic and corporate, author-
<br />ized and empowered by Title 29, Article 3, of the
<br />Colorado Revised Statutes 1973, as amended (the "Act"),
<br />to issue industrial development revenue bonds to finance
<br />one or more projects, including any land, building or
<br />other improvement and all real or personal properties
<br />suitable or used for or in connection with any manufac-
<br />turing, industrial, commercial, agricultural or business
<br />enterprise, upon such terms and conditions as the City
<br />Council of the City of Louisville (the "City Council")
<br />deems advisable.
<br /> ( b) In order to increase employment and in order
<br />to promote industry and develop trade and other economic
<br />activity within the City of Louisville, State of Colo-
<br />rado: ( 1 ) the User proposes to acquire and develop
<br />land as a site for and ~cquire, construct, improve, and
<br />equip a building, other improvements, and all necessary
<br />and appurtenant real and personal properties, whether or
<br />not now in existence, constituting a manufacturing
<br />building with additional space for storage and office
<br />purposes, such building to be leased to the Thompson
<br />Corporation, doing business as Stairs Incorporated,
<br />located within the City (the "Project"), ( 2 ) pursuant to
<br />a Loan Agreement between City and User, not to exceed
<br />$ 4 00 , 000 , (the "Loan Agreement") City will loan the
<br />proceeds of its industrial development revenue bonds or
<br />other obligations (the "Bonds") to the User for such
<br />acquisition, construction, improvement and equip-
<br />ment, and ( 3 ) the User will make loan repayments under
<br />said Agreement sufficient to pay the principal ,of,
<br />premiums, if any, and interest on the Bonds or other
<br />obligations.
<br /> ( c) The City has indicated its willingness to
<br />proceed with the issuance of its Bonds or other obliga-
<br />tions as provided by the Act to finance the Project and
<br />has advised the User that, subject to due compliance
<br />with all requirements of law, the obtaining of all
<br />necessary consents and approvals, and the happening of
<br />all acts, conditions, and t'hings required precedent to
<br />such financing, the City, pursuant to the Act, will
<br />issue the Bonds in a principal amount sufficient to pay
<br />the costs of such acquisition, construction, improve-
<br />ment, and equipment of the Project, the funding of any
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