8.1 SR 08-19-2024 - Laserfiche WebLink

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13 EL185\77\970529.v2 (c) Priority Loans Refinanced. If, prior to the Maturity Date, either of the Priority Loans are refinanced in an amount exceeding the principal balance of the Priority Loans on the Closing Date, the Developer shall be required to pay the remaining outstanding balance of the Purchase Price Note within 30 days of said refinancing. (d) Security Documents. Prior to the Closing Date, the Developer shall deliver the Assessment Agreement to the City to guarantee the amount of Purchase Price Note Pledged Tax Increment and shall deliver the Security Documents to the City to guarantee performance of the Developer’s obligation to pay any Shortfalls or to otherwise pay the Purchase Price Note as provided in this Agreement. Section 3.8 Energy Rebate. (a) The City agrees to waive its applicable payment in lieu of taxes (“PILOT”) from ERMU for the Project for two years (the “Energy Rebate”). ERMU will pay the applicable payment in lieu of taxes for the Project to the City on annual basis commencing on the first-year anniversary of the issuance of a Certificate of Completion by the City and continuing for a period of two years. Upon receipt of funds from ERMU, the City will pay the Energy Rebate to the Developer within 30 days of receipt thereof. The Energy Rebate shall be provided to the Developer only upon the satisfaction of the following conditions: (i) The Developer has received the Certificate of Completion; (ii) The Developer has complied with all provisions of the ERMU PILOT policy and the City is eligible to receive and waive PILOT payments for the Project; and (iii) The provision of the Energy Rebate has been approved by ERMU. (b) The estimated value of the Energy Rebate to the Developer is $10,000 payable over a period of 24 months. The final amount of the Energy Rebate shall be calculated monthly by ERMU and the City in their sole discretion. The City makes no warranties or representations to the Developer regarding the total amount of the Energy Rebate to be provided to the Developer. The City is providing the Energy Rebate to the Developer in the form of a forgivable loan. If the Developer does not comply with the provisions of Section 3.9, then the Developer is obligated to repay such loan as set forth therein. If the Developer complies with the job and wage goals of Section 3.9 hereof, then the forgivable loan will be forgiven in full. Section 3.9 Business Subsidy Agreement. (a)Public Purpose. In order to satisfy the provisions of the Business Subsidy Act, the Developer and the Company acknowledge and agree that the amount of the “Business Subsidy” granted to the Developer under this Agreement is the Purchase Price Note and the Energy Rebate, and that the Project is not feasible for the Developer and the Company to undertake without the Business Subsidy. The public purpose of the Business Subsidy is to develop industrial warehousing facilities, help develop underutilized land in the City, increase the tax base in the City and the State, and stimulate the creation of jobs, including construction jobs. (b)Operation of Site. The Company shall continue its operations at the Development Property (the “Qualified Facility”) for at least 5 years after the Benefit Date (defined hereinafter). The Project will be a Qualified Facility as long as the Development Property is operated by the Company. The parties agree that the “Benefit Date” is the date that the City delivers the Certificate of Completion. Page 242 of 327