Resolution 2012-48 - Laserfiche WebLink

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plans and specifications, if applicable, for the specific activities have been approved by the City. 3. GRANT DISBURSEMENT: The Grant Funds shall be dispersed according to the following schedule and conditions: a. Disbursement Schedule: i. The first $950,000 of the Grant shall be paid to Owner at the time Owner purchases the Property, subject to the requirements that there shall be recorded at closing of such purchase (i) the City Council resolution designating the Structure as landmarked according to Section 15.36.060 of the Louisville City Code, and (ii) a grant of Conservation Easement in Gross granting to the City a perpetual conservation easement for the Structure pursuant to Article 30.5, Title 38, C.R.S., for the purpose of preserving and protecting the Structure's historical, architectural, and cultural interest and value. ii. The next $750,000 of the Grant shall be paid to Owner after Owner submits disbursement requests for costs to stabilize and rehabilitate the Structure and the City shall make disbursements to Owner based upon the requirements in this Agreement. Any part of the $750,000 not deemed necessary by Owner to accomplish the stabilization and rehabilitation of the Structure shall be added to the $400,000 paid under subparagraph (iii) below. iii. The next $400,000 of the Grant shall be paid to Owner at a rate of one dollar for every one dollar of investment made by the Owner to acquire, stabilize, rehabilitate and redevelop the Structure and /or other portions of Lot A ( "Owner Investment ") and the City shall make disbursements to Owner based upon the requirements in this Agreement. Owner is not required to invest the entire Owner Investment before disbursements shall be made under this subparagraph, but rather Owner shall receive disbursements incrementally to the extent that Owner Investment has been documented up to the date of the disbursement request. Owner Investment applicable to this subsection may occur at any time during the term of this Agreement. The parties acknowledge it is their intent to jointly pay for costs during this stage of disbursement. b. Disbursement Request Process. For each disbursement request, Owner shall submit to the City Manager, as applicable, copies of all invoices and pay records for all labor and materials used to complete the portion of the Work for which disbursement is sought, or, as applicable, copies of any contracts (which shall include required pay schedules) relating to any disbursements for which Owner requests disbursement prior to completion of Work. Each invoice shall contain sufficient detail regarding the element 3