37-26 Authorizing the City to Fund Its Taxable Economic Development Revenue Note, Series 2026 (Beacon Heights Project) and Approving and Authorizing Other Actions in Respect Thereto (Substitute)

Home Browse Search

(b) All of the proceeds from the Loan provided hereunder (including any income earned on the investment of such proceeds) will be used for costs of acquiring, constructing, reconstructing and/or rehabilitating the Project. (c) The provision of financial assistance to be made available to it under this Agreement from the proceeds of the Loan and the commitments therefor made by the City have induced the Borrower to undertake the Project and such Project will create additional jobs and employment opportunities within the boundaries of the City and result in the private investment of the Project of approximately Forty-Seven Million Dollars ($47,000,000). (d) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby including execution and delivery of the Note,nor the fulfillment of or compliance with the terms and conditions of this Agreement, conflicts with or results in a breach of the terms, conditions or provisions of the Borrower's Articles of Organization or any restriction or any agreement or instrument to which the Borrower is now a party or by which it is bound or to which any of its property or assets is subject or of any statute,order,rule or regulation of any court or governmental agency or body having jurisdiction over the Borrower or its property that will have a material and adverse effect on the Borrower, City or the Project, or constitutes a default under any of the foregoing that will have a material and adverse effect on the Borrower, City or the Project, or results in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of the property or assets of the Borrower under the terms of any instrument or agreement, except as set forth in this Agreement or in such manner as will not materially and adversely impair the ability of the Borrower to perform its obligations hereunder. (e) The execution, delivery and performance by the Borrower of this Agreement and the Note do not require the consent or approval of, the giving of notice to, the registration with,or the taking of any other action in respect of, any federal, state or other governmental authority or agency, not previously obtained or performed. (f) This Agreement and the Note have been duly executed and delivered by the Borrower and constitute the legal, valid and binding agreements of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors' rights in general. The enforceability of the Borrower's obligations under said documents is subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). (g) The Borrower shall use commercially reasonable efforts to complete the rehabilitation of the Project by not later than the Mandatory Project Completion Date, subject to the Unavoidable Delay provisions of Section 7.12 of this Agreement and the Force Majeure provisions of Section 6.2 of the Development Agreement. The Borrower shall apply all of the proceeds of the Loan toward the costs of the Project and shall finance all remaining costs of the Project from other available funds of the Borrower, including, but not limited to, construction financing. (h) No portion of the proceeds of the Loan will be used to provide any private or commercial golf course,country club,massage parlor,tennis club,skating facility(including roller 6