HomeMy WebLinkAbout2011-060 Agrmt - IFA #B06003 AMND 4
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Amendment Number 4
Project Name: Ashland" Jefferson & Washington Street Improvements
This amendment is made and entered into by and between the State of Oregon, acting by and through its
Business Development Department ("State"), and City of Ashland ("Borrower"), and' amends the
Financial Assistance Award Contract, Project Number B06003 (as amended, "Contract") and Loan
Agreement (as amended, "Loan Agreement") both dated as of February 7, 2007 (the Contract and Loan
Agreement collectively the "Agreements") for the above-named Project. Capitalized terms not defined
in this amendment shall have the meanings assigned to them by the Agreements.
Recital: The purpose of this amendment is to: reduce the Loan and Grant award amounts to reflect
lower Costs of the Project; adjust the job creation requirements and dates; extend the Maturity Date of
the Loan; extend the date for Project completion; and adjust the budget line item amounts. This recital
is included for convenience and information only and is of no force and effect in the interpretation of
this amendment.
The parties agree to:
I. Amend and restate Sections 2.A and 2.B of the Contract as follows (additions' shown in double-
underline; deletions in strikethrough):
"A. Amount of Loan. Subject to the terms and conditions of this Contract and the Loan,Agreement,
the State agrees to loan and disburse to Borrower, and Borrower agrees to borrow and accept
from State, a non-revolving loan in the maximum aggregate principal amount of $5lHl,999
$390.000 (the "Loan").
B. Amount of Grant. Subject to the terms and conditions of the Contract, the State agrees to provide
a grant to the Borrower in the amount 0[$499,999 $310000 (the "Grant")."
2. Amend and restate Section 4.A of the Contract as follows (addition shown in double-underline;
deletion in strikethrough):
"A. Costs of the Proiect. A reasonable estimate of the Costs of the Project is $999,999 $700 000."
3. Amend and restate the first paragraph of Section 5.L of the Contract as follows (additions shown in
double-underline; deletions in strikethrough):
"L. Job Creation and Retention or Grant Repavment. In order to retain the Grant, Borrower will
create and maintain or cause to be created and maintained at the Brammo Motorsports, LLC
("Brammo") facilities located in Ashland, Oregon a minimum of W 62 new full-time equivalent
jobs for at least one year, such one-year period to begin no earlier than July I, 2008 and end no
later than June 30, 2W+ 2013 (such one year period to be referred to below as the "Retention
Period"). If Borrower does not maintain or cause to.be maintained. at the Brammo facilities at
least W 22 full-time equivalent jobs for the Retention Period, Borrower shall repay to State
Grant moneys equal to $5,000 multiplied by the difference obtained by subtracting the total
number of jobs Borrower did create and maintain or cause to be created and maintained for the
Retention Period from W 22; provided, however, that if the full amount of the Grant was not
disbursed to Borrower, then the repayment obligation of Borrower under this Section 5.L, if any,
shall be reduced (but not to an amount less than zero) by the portion of the Grant that was not
disbursed.
4. Delete Exhibits C and D to the Loan Agreement and replace it with the attached new Exhibits C and
D.
The State shall have no obligation under this amendment, unless prior to May 31, 201 I, the Borrower
delivers to the State the following items, each in fonn and substance satisfactory to the State and its Counsel:
(i) this amendment duly executed by an Authorized Officer of the Borrower;
Amendment Number 4
606003, A-04 Interim Ashland Amend 4
Page 1 of3
(ii) such other certificates, documents, opinions and information as the State may reasonably require.
Except as specifically provided above, this amendment does not modifY the Agreements, and Agreements
shall remain in full force and effect during the term thereof. This amendment is effective on the date it is
fully executed and approved as required by applicable law.
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STATE OF OREGON CITY OF ASHLAND
acting by and through its
Business Development Department
By:
~;( ~ ~~
Lee Tuneberg, Finance Dir c r'
Date: Date: <f/1 JUII
. /
ApPROVED AS TO LEGAL SUFFICIENCY IN ACCORDANCE WITH ORS 291.047:
IslLynn T. Nagasako (as per email dated 3/28/11)
Lynn T. Nagasako, Sr. Assistant Attorney General
Date:
March 28, 2011
RECEIVED
APR 0 7 2011
IFA
Amendment Number 4
606003, A-Q4 Inlenm Ashland Amend 4
Page 2 of3
Exhibit D
DESCRIPTION OF THE LOAN
1. Loan Closing Deadline: December 3], 2006
2. Name and Address of Borrower: City of Ashland
20 E. Main Street
Ashland, OR 97520
3. Costs of the Project: $700,000
4. Estimated Project Completion Date: June 30, 20] I
5. Maximum Aggregate Principal Amount of Loan: $390,000
8. Authorized Officer(s) of Borrower:
3.77% per annum
The earlier of the Bond Closing Date or the
second anniversary of the date of Amendment 4 to
this Loan Agreement.
Mayor
Finance Director for a loan that is not in excess of
$500,000
6. Interest Rate:
7. Maturity Date:
For the purposes of this Exhibit D, the following terms have the definitions indicated below:
.. "Bond Closing Date" means the closing date for the State Bonds, the proceeds of which are applied to
fund or refund the Loan.
"Bond Indenture" means the Restated Indenture of Trust dated as of January I, 2002, between the State
of Oregon acting by and through the State Treasurer of the State of Oregon as Issuer, the Department
and the Trustee, pursuant to which the State Bonds are issued, and all amendments and supplement
thereto adopted in accordance with the provisions thereof.
"State Bonds" means the series of Oregon Bond Bank Revenue Bonds authorized by the Bond Indenture
and the Act, together with any refunding bonds, authenticated and delivered pursuant to the Bond
Indenture, in each case used to finance or refinance the Project through the initial funding or refinancing
of all or a portion of the Loan.
Amendment Number 4
806003. A-04 Inlerim Ashland Amend 4
Page 3 of3
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Interim Financing Loan Agreement Exhibit C
Page 20f2
Ore9on Business Development Department
Amended Project Budget
Contract Amendment 4
Project Number:
Project Name:
806003
Jefferson and Washington Street Improvements
Project Goals (report for every cash request)
Proposed Work Plan Estimated Results Achieved
Completion Date
1 Construction Jun 30, 2011
2
3
4 ,
5
6
7
8
9
10
606003, A-04 Interim Ashland E~ C BudlilllUds
buslnes~~
ore~n
Infrastructure
Finance
Authority
April 12, 2011
Lee Tuneberg, Finance Director
City of Ashland
20 East Main
Ashland, OR 97520
RE: Special Public Works Fund Agreement, Ashland - Jefferson & Washington Street
Improvements, Project No B06003, Execu1ed Amendment No.4.
Dear Mr. Tuneberg:
Thank you for returning the 1wo signed originals of the Special Public Works Fund,
Project No. B06003, Amendment No.4. Enclosed please find an executed original for
your project file.
Should you have any questions, please do not hesitate 10 contact Fumi Schaadt, Regional
Coordinator at 503-986-0027, or email to:fumi.schaadt@state.or.us.
Sincerely,
~p~
Alina Putintsev, Regional Assistant
Infrastructure Finance Authority
Enclosure
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File
Chron
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775 Summer St. NE. Suite 200 . Solem. OR 97301-1280
503-986-D123 . fox 503-581-5115. TTY 800-735-2900 . www.orinfrastructure.org
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