CCP 01-21-1997 - Laserfiche WebLink

Home Browse Search

SA, I ARTICLE 5 I Loan Dishurscmcnt Provisions .. Section 5.1, Payment Requisition Documentation and Format. Loan disbLlrsements shall be for machinery and equipment costs in the amount of $300,000. The loan funds for machinery I and equipment may be disbursed to the Developer only after the City has received from the Developer invoices for machinery and equipment costs and only on a cost-sharing ratio of2% loan fLlOds to 98% other funds. I Scction 5.2, Provision of Evidcntiary Materials. No disbursements of loan funds shall be made until all evidentiary materials required by the Grantor Agency have been submitted and I appro\'ed by the Grantor Agency. Section 5.3, Project Time Frame (Schedule). The time frame outlined in the MIF application I pertaining to the Project shall be met by the Developer. Section 5.4, Permanent Loan Terms. The loan to Cardiac Pacemakers, Inc. will be deferred I loan over a period offive years at 3% interest. Fifty percent of the loan will be forgiven at the end of the third year providing that a total of 6 I 0 jobs are maintained (70 created and 540 existing) at the end of the third year. The remainder of the loan will be forgiven at the end of the I fifth year providing that all 610 jobs have been maintained in the fourth and fifth year of the loan. The business will provide to the City documentation annually evidencing that 610 .. permanent full-time equivalent jobs have been retained within the City for a period of five (5) years. The loan shall have the following terms: I (1) If, as of August 12, 1999, the Company shalI have created and maintained (and shall have I demonstrated that it created and maintained), not less than 610 full-time equivalent jobs (70 created and 540 maintained) in the City, then $150,000 of the principal amount of the Loan, and all accrued and unpaid interest thereon, shalI thereupon be forgiven and no I longer subject to payment by the Company under this Agreement; (2) If the Company fails to satisfy the conditions stated in Section 5.4, (1) above, then (i) all I accrued interest as of August 12, 1999 shalI be immediately due any payable to the City and (ii) as of August 12, 1999, the full unpaid principal amount of the Loan shall be levelIy amortized, at the interest rate of3.00% per annum, and paid to the City by the I Company on the first day of each month, commencing September 1, 1999, over the subsequent 36 monthly payments; and I 8 I .. I