HomeMy Public PortalAboutORD11167 BILL NO. 88-149
SPONSORED BY COUNCILMAN HALSEY
ORDINANCE NO. /1/ 67
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO ENTER INTO AN AMENDED AGREEMENT WITH
DELONG'S, INC. , IN CONJUNCTION WITH A MISSOURI DEVELOPMENT ACTION
GRANT.
WHEREAS, by Ordinance 10771 the Mayor and City Clerk were
authorized to enter into an agreement with DeLong's Inc. , and the
State of Missouri for a Missouri Development Action Grant (MODAG) ;
and
WHEREAS, the Mayor and City Clerk did enter into such an
agreement with DeLong's Inc. , for a sum of $285,000.00; and
WHEREAS, the scope and cost of the project were altered during
the construction phase in such a manner to reduce the scope and the
cost; and
WHEREAS, the parties have agreed it is in their best interest
to enter into a new agreement and promissory note reflecting the
sums actually expended; and
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE CITY OF
JEFFERSON, MISSOURI, AS FOLLOWS:
Section 1. The Mayor and City Clerk of the City of Jefferson,
Missouri, are hereby authorized to enter into an amended agreement
with DeLong's Inc. , in conjunction with the Missouri Development
Action Grant (MoDAG) for a sum of $185,935.58.
Section 2 . The amended agreement shall be substantially the
same in form and content as that agreement attached hereto as
Exhibit A.
Section 3 . The Promissory Note dated November 21, 1986, shall
be cancelled upon receipt of a duly executed new Promissory Note
in the amount of $185,935.58, substantially the same in form and
content as set out in Exhibit B.
Section 4. This Ordinance shall be in full force and effect
from and after the date of its passage and approval.
Passed c>i 2 Approved
VPUs-id fficer or
ATTEST:
city Clerk
®
- AMENDED AGREEMENT EXHIBIT "A"
THIS AGREEMENT, entered into this 1st day of February, 1989,
by and between the CITY OF JEFFERSON, MISSOURI, hereinafter
referred to as "CITY" and DELONG'S, INC. , a Missouri Corporation,
hereinafter referred to as "COMPANY" .
WITNESSETH:
WHEREAS, by Ordinance 10771 the Mayor and City Clerk were
authorized to enter into an agreement with DeLong's Inc. , and the
State of Missouri for a Missouri Development Action Grant (MODAG) ;
and
WHEREAS, the Mayor and City Clerk did enter into such an
agreement with DeLong's Inc. , for a sum of $285, 000. 00; and
® WHEREAS, the scope and cost of the project were altered during
the construction phase in such a manner to reduce the scope and the
cost; and
WHEREAS, the parties have agreed it is in their best interest
to enter into a new agreement and promissory note reflecting the
sums actually expended; and
WHEREAS, the CITY has agreed to loan to the COMPANY the sum
of ONE HUNDRED EIGHTY FIVE THOUSAND NINE HUNDRED THIRTY FIVE and
58/100 DOLLARS ($185,935. 58) , payable in ten (10) payments as
evidenced by a Promissory Note which is attached hereto as Exhibit
"B", through a Missouri Development Action Grant, hereinafter
referred to as MoDAG, which it is receiving from the State of
Missouri Division of Community and Economic Development which is
funded totally or in part by the U. S. Government; and
WHEREAS, the parties are desirous to enter into this amended
agreement governing the use of these funds.
THEREFORE, in consideration of the above premises and for
other good and valuable consideration, it is hereby agreed as
follows:
1. The CITY will loan to the COMPANY, upon. performance by
COMPANY of all conditions, and receipt by the CITY of the funds
from MODAG, the sum of ONE HUNDRED EIGHTY FIVE THOUSAND NINE
HUNDRED THIRTY FIVE and 58/100 DOLLARS ($185,935.58) , with interest
due per the Promissory Note which is attached hereto as Exhibit
nBn
2. The following acts or omissions shall constitute default
by the COMPANY which shall render the entire balance due and
payable at the option of the CITY together with annual interest at
a rate of ten percent (10%) from the date of default:
(a) The COMPANY ceases operations at the facility prior to
the expiration of the loan;
(b) The COMPANY sells or refinances the loan;
(c) The COMPANY fails to make any payment when due; or
(d) The COMPANY violates or breaches this agreement.
3. This Agreement shall not be amended in any material
respect without the prior written approval of the parties and the
Division of Community and Economic Development. This Agreement
shall be binding upon the parties, their heirs, successors and
assigns.
. 1
This Agreement entered into the day and year first above
written.
CITY OF JEFFERSON, MISSOURI
w
By.
Mayor
ATTEST:
(S E A L)
City Clerk
DELONG'S, INC.
By: __
President
ATTEST:
By: P (S E A L)
EXHIBIT "B"
• PROMISSORY NOTE
Jefferson City, Missouri
February 1, 1989
$185,935.58
FOR VALUE RECEIVED, the undersigned, jointly and severally
promise to pay in lawful money of the United States of America to
the order of THE CITY OF JEFFERSON, MISSOURI, at City Hall,
Jefferson City, Missouri, the sum of ONE HUNDRED EIGHTY FIVE
THOUSAND NINE HUNDRED THIRTY FIVE and 58/100 DOLLARS ($185,935. 58) .
Principal is to be paid in ten (10) equal installments commencing
February 15, 1989, and payable on the 15th day of February in each
succeeding year, until the remaining balance of principal and
interest accrued shall be paid in full.
The terms of the loan agreement entered into between THE CITY
OF JEFFERSON and DELONG'S, INC. , dated February 1, 1989, which is
attached hereto as Exhibit "A", are incorporated by reference as
if more fully set out herein.
The following acts or omissions shall constitute default by
the COMPANY which shall render the entire balance due and payable
at the option of the CITY together with annual interest at a rate
of ten percent (10%) from the date of default:
(a) The COMPANY ceases operations at the facility prior to
the expiration of the loan;
(b) The COMPANY sells or refinances the loan;
(c) The COMPANY fails to make any payment when due; or
•
® (d) The COMPANY violates or breaches this Promissory Note or
any provisions of the Agreement attached hereto as Exhibit A.
Failure of the CITY to declare a default shall not constitute
a waiver of the right to declare it at any other time.
Failure to make any payment when due shall, at the option of
the holder of the note, render the entire balance of the note due
and payable. Failure to exercise this option shall not constitute
a waiver of the right to exercise it at any other time.
The makers, sureties, guarantors and endorsers of this note,
jointly and severally, hereby waive notice of and consent to any
and all extensions of this note or any part thereof without notice,
and each hereby waives demand, presentment for payment, notice of
non-payment and protest, and any and all notice of whatever kind
or nature and the execution of legal remedies hereon, and waive
valuation, exemption and homestead rights, and agree to pay a
reasonable attorneys fee, which may be incurred in collecting or
securing said note after its maturity.
This Note and the Agreement attached as Exhibit "A" supercede
and cancel a prior note and agreement between the parties dated
November 21, 1986.
DELONG'S, INC.
. .2
President
ATTEST:
By: o-�