HomeMy Public PortalAbout093-2010 - INDEMNITY AGREEMENT - Economic Growth Group.docINDEMNITY AGREEMENT
This Agreement (hereinafter “Agreement”) is entered into the month and date designated below by and between the City of Richmond, a municipality in the State of Indiana, by and through
its Richmond Redevelopment Commission, 50 North 5th Street, Richmond, Indiana, 47374 (hereinafter “City”) and Economic Growth Group of Richmond, Indiana, Inc., 33 South 7th Street Suite
2, Richmond, Indiana, 47374 a private not-for-profit entity, (hereinafter “EGG”) as follows:
A. RECITALS
WHEREAS, The Richmond Redevelopment Commission has the authority, pursuant to I.C. 36-7-14-12.2, to provide financial assistance (including grants and loans) to neighborhood development
corporations to permit them to construct, rehabilitate or repair commercial property with the district; and
WHEREAS, City wishes to have rehabilitated or repaired a commercial property located within the Richmond Redevelopment Commission District (hereinafter “District”); and
WHEREAS, The Richmond Railroad Depot (hereinafter “Depot”) located at 930 North “E” Street, Richmond, Indiana, is a privately owned commercial property located within the District;
and
WHEREAS, EGG is a private not-for-profit entity that has previously financially assisted the rehabilitating and/or repairing of commercial property within the City of Richmond and within
the District and therefore it constitutes a neighborhood development corporation; and
WHEREAS, City is willing to provide financial assistance (including grants and loans) to neighborhood development corporations to permit them to construct, rehabilitate, or repair commercial
property within the District; and
WHEREAS, EGG, in its capacity as a neighborhood development corporation, is willing to receive financial assistance from the City in the form of grants from the Richmond Redevelopment
Corporation to enable EGG to pay for some of the rehabilitation or repair of the Depot, a commercial property within the District; and
WHEREAS, The rehabilitation or repair of the Depot is a project (hereinafter “Project”) for which the Richmond Redevelopment Commission is providing a grant to EGG; and
Contact No. 93-2010
WHEREAS, EGG and City desire to reduce to writing by this agreement their respective rights and provisions related to the Project and to the matter set forth herein.
B. TERMS OF AGREEMENT
1. The Recitals set forth above are hereby adopted and incorporated into the Terms of Agreement.
2. City will agree to provide EGG grant funds for the rehabilitation or repair of the Depot for the Project in the amount of $500,000.00, pursuant to Redevelopment Resolution No. 3-2010,
which Resolution is expected to be adopted on June _24th ___, 2010; the dispensing of said grant funds shall commence on or about June ____, 2010, and continue until the latter of either
June 30, 2011 or until the $500,000.00 grant from the City to EGG is depleted, provided that Resolution 3-2010 is adopted by the Redevelopment Commission.
3. EGG acknowledges and agrees that in the event it does not spend $500,000.00 on the rehabilitation or repair of the Depot for the Project that it shall return to City any unexpended
funds of the $500,000.00.
4. City undertakes to indemnify EGG from any and all liability, loss, or damage EGG may suffer as a result of claims, demands, costs, or judgments against it arising out of the failure
of City or those acting under City to conform to the statutes, ordinances, or other regulations or requirements of any governmental authority, in connection with the Project.
5. EGG is to dispense grant funds to pay for the Project’s rehabilitation and repair of the Depot in Richmond, Wayne County, Indiana.
6. EGG agrees to notify City, at City’s address as stated in this agreement, within 14 days of any claim made against EGG on the obligations that the City is indemnifying against EGG.
7. This Agreement is strictly between City and EGG and shall not inure to the benefit of any third party.
8. Nothing contained herein shall be construed to constitute an undertaking by EGG to indemnify City for losses that result from the negligence of City or its own employees, agents,
contractors or representatives. Nothing contained herein shall be construed to constitute a release by EGG of any liabilities to City arising from such negligent acts of said third
parties.
9. This Agreement shall be construed in accordance with the substantive laws of the State of Indiana, unless such laws shall be pre-empted by federal law or regulation.
10. This Agreement shall inure to the benefit of any successor in interest to EGG.
11. This Agreement shall enjoy a neutral construction and shall not be strictly construed against either City or EGG notwithstanding that counsel for one of said parties may have been
the scrivener of this document.
12. Use of the singular herein, shall imply the plural and vice versa. Use of the masculine, feminine or neuter gender shall imply the appropriate other where the context herein would
so require.
IN WITNESS WHEREOF, the parties, by their duly authorized representatives, have executed this Agreement on the month and day opposite their signatures set forth below.
CITY OF RICHMOND
RICHMOND REDEVELOPMENT COMMISSION
_S/S W. Ray Stevens__________________________
, President
____________________________________________
_S/S Kathy Lucid___________________________
_S/S Larry Parker____________________________
_S/S Michael Blum___________________________
Dated: _June 24, 2010_____, 2010
BOARD OF PUBLIC WORKS & SAFETY
___________________________________________
Vicki Robinson, President
___________________________________________
Dian Lawson, Member
___________________________________________
Mary Jo Flood, Member
Dated: _____________________, 2010
ECONOMIC GROWTH GROUP OF RICHMOND, INDIANA, INC.
___________________________________________
Paul Lingle, President
Dated: _____________________, 2010
Approved:
__________________________________
Sarah L. Hutton, Mayor
Dated: ______________________, 2010