August 2012 - Empire State Development - New York State

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Project Team: Origination Aida Reyes Kuehn Project Management Javier Roman-Morales Contractor & Supplier Diversity Vikas Gera Finance Jonevan Hornsby Design & Construction Peter Topor Environmental Soo Kang C. Financial Terms and Conditions 1. Upon execution of the grant disbursement agreement, the Company shall pay a commitment fee of 1% of the $600,000 capital grant ($6,000) and reimburse ESD for all out-of-pocket expenses incurred in connection with the project. 2. The Company will demonstrate no materially adverse changes in its financial condition prior to disbursement. 3. JB Industries will guarantee the grant repayment obligation of its subsidiary, MechoShade Systems, Inc., in the event of an Employment Shortfall or other default, as defined in these materials or the Grant Disbursement Agreement. 4. The Company will be required to contribute a minimum of 10% of the total project cost in the form of equity contributed after the Company’s acceptance of ESD’s offer. Equity is defined as cash injected into the project by the Company or by investors, and should be auditable through Company financial statements or Company accounts, if so requested by ESD. Equity cannot be borrowed money secured by the assets in the project. 5. Prior to disbursement, the Company must employ at least the number of Full-time Permanent Employees set forth as the Baseline Employment in the table below. A Fulltime Permanent Employee shall mean (a) a full-time, permanent, private-sector employee on the Grantee’s payroll, who has worked at the Project Location for a minimum of thirty-five hours per week for not less than four consecutive weeks and who is entitled to receive the usual and customary fringe benefits extended by Grantee to other employees with comparable rank and duties; or (b) two part-time, permanent, private-sector employees on Grantee’s payroll, who have worked at the Project Location for a combined minimum of thirty-five hours per week for not less than four consecutive weeks and who are entitled to receive the usual and customary fringe benefits extended by Grantee to other employees with comparable rank and duties. A Full-time Contract Employee is a full time private sector employee (or selfemployed person) who is not on the grantee’s payroll but who works exclusively for the grantee at the project location for a minimum of 35 hours per week for not less than 4 consecutive weeks, providing services that would otherwise be provided by a 4
Full-time Permanent Employee. The position held by a Full-time Contract Employee must be a year-round position. 6. Up to $600,000 will be disbursed to the Grantee in three installments as follows: a) an Initial Disbursement of an amount equal to 50% of the grant ($300,000), upon completion of the project substantially as described in these materials, as evidence by the issuance of a Temporary Certificate of Occupancy, documentation of purchase and installation of M&E and documentation of the employment of at least 118 Full-time Permanent Employees and up to 1 Full-time Permanent Contract Employee at the Project Location, assuming that all project approvals have been completed and funds are available; b) a Second Disbursement of an amount equal to 25% of the grant ($150,000) will be disbursed upon documentation of the employment of at least 154 Full-time Permanent Employees and up to 3 Full-time Contract Employees for a total Fulltime workforce of 157 at the Project Location (Employment Increment of 36 Fulltime Permanent Employees and Employment Increment of up to 2 Full-time Contract Employees), and evidence of issuance of a Certificate of Occupancy, provided Grantee is otherwise in compliance with program requirements; c) a Third Disbursement of an amount equal to 25% of the grant ($150,000) one year following the Second Disbursement will be disbursed upon documentation of the employment of at least 154 Full-time Permanent Employees and up to 3 Full-time Contract Employees for a total Full-time workforce of 157 at the Project Location, provided Grantee is otherwise in compliance with program requirements. Payment will be made upon presentation to ESD of an invoice and such other documentation as ESD may reasonably require. Expenses reimbursed by ESD’s grant must be incurred on or after July 10, 2006, to be considered eligible project costs. 7. ESD may reallocate the project funds to another form of assistance, at an amount no greater than $600,000 for this project if ESD determines that the reallocation of the assistance would better serve the needs of the Company and the State of New York. In no event shall the total amount of any assistance to be so reallocated exceed the total amount of assistance approved by the Directors. 8. In consideration for the making of the Grant, Grantee will achieve the Employment Goals set forth in Column B of the table below. If the Full-time Permanent Employee Count for the year prior to the reporting date set forth in Column A of the table below is less than eighty-five percent (85%) of the Employment Goal set forth in Column B (an “Employment Shortfall”), then upon demand by ESD, Grantee shall be obligated to repay to ESD a portion of each disbursement of the Grant, as follows: The Recapture Amount is based on the time that has lapsed between when the Grant funds were disbursed and when the Employment Shortfall occurred. The Recapture Amount shall be calculated by aggregating the Recapture Amount for each disbursement of the Grant, which in each instance shall be equal to: 5
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PLEASE NOTE - We welcome public com
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3 V. ADMINISTRATIVE ACTION A. Harle
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Page 53 and 54: FOR CONSIDERATION August 16, 2012 T
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Page 73 and 74: municipality or region of the State
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Page 92 and 93: operations in the nine-county Regio
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Page 98 and 99: A. City of Yonkers - Saw Mill River
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VI. Additional Requirements Pursuan
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RESOLVED, that the provision of ESD
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Community Capital Assistance Progra
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Project Cost and Financing Sources
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This Project will facilitate BNYDC
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August 16, 2012 NEW YORK HARBOR - A
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CURRENT STATUS The 38-year old Proj
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August 16, 2012 BRONX COUNTY - RIVE
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FOR CONSIDERATION August 16, 2012 T
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V. Contract Term, Price and Funding
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FOR INFORMATION August 16, 2012 TO:
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Subsidiary Capital Budget Summary V
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Departmental Budget Variance Report
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August 2012 - Empire State Development - New York State

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