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Agenda - 05-16-2006-9a
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Agenda - 05-16-2006-9a
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Last modified
8/29/2008 9:44:19 PM
Creation date
8/29/2008 9:27:52 AM
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BOCC
Date
5/16/2006
Document Type
Agenda
Agenda Item
9a
Document Relationships
2006 NS EDC - Consent for New Indebtedness for OE Enterprises, Inc.
(Linked From)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2000's\2006
Minutes - 20060516
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Path:
\Board of County Commissioners\Minutes - Approved\2000's\2006
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Attachment A <br />Update on OE Enterprises, Inc. Performance Obligations <br />OE Enterprises' performance obligations are spelled out on pages 7-10 of the Agreement. <br />#3 states that OE shall purchase the premises far $950,000 and make improvements of <br />$300,000. Further, it Hates that the commercial lending institution's deed of trust shall not <br />exceed $715,000. These points are addressed in the abstract and no further financing is <br />anticipated. <br />#4 provides that OE Enterprises will insure the premises, pay all taxes, assessments, and <br />utilities, and maintain the property. The EDC will visit the premises annually to visually inspect <br />the property. Staff will also require annual proof of insurance and documentation that taxes, <br />assessment and utility charges have been paid. <br />#5 specifies: <br />• the employment obligations, which will be reported by OE Enterprises to the EDC <br />quarterly; <br />• the payment to staff of a living wage and to consumers of a commensurate wage, both of <br />which will be reported to the EDC annually within 45 days of the end of the fiscal year; <br />and <br />• the development of an "affirmative enterprise." QE Enterprises will report progress on <br />this goal annually within 45 days of the end of the fiscal year. <br />#6 covers the conveyance of a Conservation Easement. As mentioned in the Abstract, OE has <br />provided a survey on which the Easement will be based. Staff will develop a plan for completing <br />the Easement and monitoring it to the Board of County Commissioners by Fall, 2006. <br />#7 specifies that OE will keep the premises in safe condition and in good repair. The annual <br />monitoring visit by the EDC will verify compliance. <br />The EDC will also receive and review quarterly Profit and Loss statements and the end of year <br />audit report to make sure that OE remains solvent. <br />
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