HomeMy WebLinkAboutBID Grant-460 N Main St
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DOWNTOWN OSHKOSH BUSINESS IMPROVEMENT DISTRICT
RECRUITMENT FUND GRANT
LETTER OF AGREEMENT
Whereas, the Downtown Oshkosh Business Improvement District Board (BID) established a "Recruitment
Fund Grant" for the purpose of promoting economic development in the Downtown Oshkosh Business
Improvement District of the City of Oshkosh (City) by attracting new business or relocating businesses to
within the BID. Grant funds are provided to the successful applicant(s) for eligible projects.
The Downtown Oshkosh Business Improvement District Board shall:
A. Provide financial aid in the form of grant funds as described in the "Downtown Oshkosh
Business Improvement District Recruitment Fund Grant Application".
B. Suspend or terminate this Agreement in the event the Applicant fails to perform according
to this Agreement, or when the Downtown Oshkosh BID and Applicant agree to terminate
this Agreement.
C. Provide $5,000 (Five Thousand Dollars) to Applicant for eligible expenditures associated
with the new business 460 N Main Street.
The Applicant shall:
A. If requested, provide the City or the Downtown Oshkosh BID with all information
necessary for the disbursement of grant funds.
B. Agree to and does hereby hold the City and the Downtown Oshkosh BID harmless and
does hereby indemnify the City against any claims or demands of any persons or
organizations arising by reason of this Agreement.
C. Demonstrate supporting documentation for eligible expenditures in the amount of $20,000
in order to receive the full $5,000 reimbursement. Reimbursement amount will be reduced
proportionally if total expenditures by applicant are less than $20,000.
D. Reimburse the DowntownOshkosh BID the total grant amount ($5,000), if the business
fails to operate at 460 N Main Street one year from grant date.
E. Reimburse the Downtown Oshkosh BID one-half of the grant funds ($2,500) if the
business operates at 460 N Main Street more than one year, but less than two years from
grant date.
~TNESS WHEREOF, the p",tie, hcreunto ,et their hand, ",d 'e,]' on !hi, l2. day of
l\il , 2006.
A~ ~W~~M~ge'
Brian W ogernese, CEO
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NO AN PACKER
Downtown Oshkosh BID, Chair
ApIlIOyed as to form:
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Approved as to availability of funding:
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EDWARD A. NOKES, Finance Director
Address: 460 N Main Street
Allocation: $5,000