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BILL NO. 90-18
v SPONSORED BY COUNCILMAN SCHEULEN
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT WITH THE CHAMBER OF
COMMERCE FOR INDUSTRIAL SITE DEVELOPMENT.
f BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI,
AS FOLLOWS:
(Y Section 1. The Mayor and City Clerk are hereby authorized and
directed to execute an agreement with the Jefferson City Area
z' Chamber of Commerce for industrial site development. The amount
° of the contract shall not exceed $25, 000. 00.
Section 2. The agreement shall be substantially the same in
form and content as that agreement attached hereto as Exhibit A.
4
Section 3. This Ordinance shall be in full force and effect
from and after the date of its passage and approval.
" S90
Passed SG Approved
2-V 46"e-11 -1
residi _Officer or
ATTEST:
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City; Clerk
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SERVICE CONTRACT
This Agreement, entered into this c day of
1990, by and between the City of Jefferson, Missouri, a municipal
corporation, acting by and through its Mayor, her einafter referred
to as "City" and the Jefferson City Area Chamber of Commerce, a
corporation formed and existing under The General Not for Profit
Corporation Act of Missouri, hereinafter referred to as the
"Chamber",
WITNESSETH:
WHEREAS, the City of Jefferson has certain funds which were
obtained through the MODAG Program which are to be used for loans
and grants for economic development purposes; and
WHEREAS, the Jefferson City Area Chamber of Commerce has a
need to utilize twenty-five thousand dollars of these funds for the
purpose of development of an industrial site; and
WHEREAS, the Jefferson City Area Chamber of Commerce agrees
this money is to be paid to Public Water District #4, hereinafter
referred to as District, for the provision of water services to the
site; and
WHEREAS, it is in the best interest of the City- and the
r :y Chamber for this site to be developed.
NOW, THEREFORE, the parties hereto do mutually agree that:
1. The City will loan to the Chamber, or any designated
subsidiary of the Chamber, the sum of twenty-five
thousand dollars ($25, 000. 00) for the purposes of
developing an industrial site for expansion.
2. The Chamber or its designated subsidiary shall have the
option of repaying this loan within three years with no
interest being added to the loan. This loan may be paid
in installments or in one lump sum.
3 . If the Chamber or its designated subsidiary fails to
repay the loan within the allotted three years, interest
will be accrued at the rate of seven percent (7%)
beginning thirty-six (36) months after the date the loan
is issued. The payments shall then be paid in annual
installments of five thousand dollars ($5,000. 00) plus
interest commencing forty-eight (48) months after
issuance.
F. 4. This loan is conditional upon the Chamber or its
designated subsidiary paying to the Public Water District
#4 the sum of twenty-five thousand dollars ($25, 000. 00)
for the purpose of providing water services to the
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