HomeMy WebLinkAbout2001-057 Loan Agrmt - State of ORRECIPIENT
ORIGINAL
STATE OF OREGON
SPECIAL PUBLIC WORKS FUND
FINANCIAL ASSISTANCE AWARD CONTRACT
This Contract is made and entered into by and between the STATE OF OREGON, ACTING BY AND
THROUGH ITS ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT ("State") and the
City of Ashland ("Borrower"). The reference number of this Contract is L01012.
RECITALS
WHEREAS, the award of financial assistance which is the subject of this Contract is authorized by
ORS 285B.410 through 285B.482 (the "Act"); and
WHEREAS, a reasonable estimate of the Costs of the Project, as hereinafter defined, is One Million,
Eight Hundred Thousand Dollars ($1,800,000); and
WHEREAS, the Borrower has committed to provide Three Hundred Thousand Dollars ($300,000) in
public and/or private resources as matching funds for the Project; and
WHEREAS, the State has reviewed the Borrower's application and determined the Project, as hereinafter
defined, meets the eligibility requirements and merits funding; and
WHEREAS, the State is willing to provide a Loan of Nine Hundred Thousand Dollars ($900,000) and
a Grant of Six Hundred Thousand Dollars ($600,000) to the Borrower on the terms and conditions of this
Contract.
NOW, THEREFORE, the parties agree as follows:
SECTION 1
CERTAIN DEFINITIONS
As used in this Contract, the following terms shall have the following meanings:
"Act" shall mean ORS 285B.410 through 285B.482, as amended.
"Award" shall mean written notification from the State offering a Loan and Grant to the Borrower.
"Contract" means this contract between the State and the Borrower, including any exhibits, schedules
and attachments thereto, as amended from time to time.
"Costs of the Project" shall mean all eligible costs of acquiring and constructing the Project, including
any financing costs properly allocable to the Project, as set out in the approved Project Budget in Exhibit B
to the Loan Agreement.
"Default" shall mean an event which with notice or lapse of time or both would become an Event of
Default as set out in Section 7 hereof.
Program Oevelopment\City of Ashland temp2600.wpcl Page 1 of 10