Laserfiche WebLink
A. Recipient Obligations. The Recipient shall fulfill each of the following <br />obligations ("Recipient Obligations"): <br />1. Apply for and obtain all approvals and permits from the City as <br />required pursuant to the City Code for the construction of the Project. <br />2. Complete the Project, including the Eligible Improvements, with <br />Recipient's own funds, in accordance with applicable requirements of the City Code and <br />City -adopted building and fire codes, and the terms and conditions of City -approved <br />plans, permits, and approvals applicable to the Eligible Improvements. <br />3. No later than ten (10) days after the Project is completed, request <br />inspection by the City. <br />4. Obtain acceptance of the Project, including the Eligible <br />Improvements from the City. If the Eligible Improvements are satisfactory, the City shall <br />grant acceptance. If the Eligible Improvements are unsatisfactory, the City shall provide <br />written notice to Recipient of the repairs, replacements, construction or other work <br />required to receive acceptance. <br />5. Recipient shall provide the LRC with certified statement of Eligible <br />Improvement costs no later than thirty (30) days after Recipient obtains City acceptance <br />of the Project completion. <br />B. Reimbursement. Subject to Section C, upon Recipient's fulfillment of the <br />Recipient Obligations, the LRC will authorize the payment of the Reimbursement. For <br />purposes of this Agreement, "Reimbursement" means Fifty Percent (50)% of certified <br />Eligible Improvement costs, up to a reimbursement amount not to exceed Eighty <br />Thousand Dollars ($80,000.00). <br />C. Termination. The LRC and Recipient expressly agree that time is of <br />the essence with regard to fulfilment of the Recipient Obligations and completion of the <br />Eligible Improvements, and failure by Recipient to fulfill the Recipient Obligations and <br />complete the Project including the Eligible Improvements shall relieve the LRC of any <br />obligation under this Agreement without liability. In the event that Recipient fails to fulfill <br />the Recipient Obligations by June 1, 2026, this Agreement and the LRC's obligation to <br />pay the Reimbursement shall immediately terminate. <br />D. Recipient's Post -Reimbursement Obligations. <br />1. In consideration of the LRC's payment of the Reimbursement, the <br />Recipient agrees that the Property shall not be redeveloped within three (3) years of the <br />LRC's payment of the Reimbursement, unless otherwise approved in writing by the LRC. <br />2. For a Two (2) year period from the date of City acceptance of the <br />Eligible Improvements, Recipient shall, at its own expense, take all actions necessary to <br />maintain said improvements and make all needed repairs or replacements which, in the <br />reasonable opinion of the City or LRC, shall become necessary. The Recipient and each <br />2 <br />