HomeMy WebLinkAboutExhibit 4-Loan Terms-SUBEXHIBIT A
$800,000 LOAN TO PARROT JUNGLE
LOAN TERMS
1. City Loan Repayment Terms:
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a. Interest rate: 0% (No interest will accrue on the City Loan)
b. 48 monthly payments in the amount of $16,667
c. Payments to begin 90 days after full execution of the loan documents between
the City and Parrot Jungle
2. Disbursement of the City Loan is subject to the following:
a. A 48 -month deferral by the City Commission of the Minimum Annual Rent and
Percentage Rent Parrot Jungle pays to the City under the Lease; and
b. Parrot Jungle providing the City with access and such materials as the City may
request, to conduct an analysis of the business model for the purpose of
improving the survivability of the Parrot Jungle and Gardens of Watson Island
Project, thereby mitigating the City's exposure on the HUD Loan; and
c. Parrot Jungle providing the City with such corporate documents, insurance
certificates and other documents as it may require to support the
disbursement of the City Loan.
3. The City shall disburse the $800,000 to Holland and Knight, LLC as escrow agent
:pursuant to an escrow agreement that requires that the escrow agent disburse the
funds: (i) only to the Miami Dade County Tax Collector, and (ii) together with other funds
which, when aggregated with the City's $800,000 Loan, are sufficient to pay the totality
of real estate taxes outstanding on the Lease Property. The escrow agreement shall be
subject to such other terms and in a form as deemed necessary the City Manager and
the City Attorney.
4. Parrot Jungle shall use the City Loan to maintain jobs at the Parrot Jungle and Gardens
of Watson Island Project ("Jungle Island"), in accordance with a Budget for the use of
such funds to be approved by the City Manager.
5. Parrot Jungle will maintain a minimum of 400 full time equivalent jobs at Jungle Island
for the remaining term of the HUD Loan.
6. Parrot Jungle agrees that a minimum of 51% of the jobs maintained, on a full-time
equivalent basis, will be held by Low and Moderate Income persons (as defined under
the Department of Housing and Urban Development CDBG Program, 24 C.F.R. Part
570).
7. Parrot Jungle shall provide the City with a listing of the jobs expected to be maintained,
by job title, as a result to the City Loan. Parrot Jungle shall also provide to the City a list
of current employees, family size, annual family income, job title, and whether on a full-
time or part-time basis.
174992
8. Parrot Jungle shall provide the City with all such other information as may be requested
by the City or as may be required for compliance with the requirements of the City Loan.
9. The City shall have the authority to review Parrot Jungle's records regarding Jungle
Island for a period of five (5) years after the expiration of the term of the loan between
the City and Parrot Jungle.
10. This Exhibit A is intended to be a summary of elements of the agreement between the
City and Parrot Jungle regarding the City Loan. Additional duties and obligations
imposed on Parrot Jungle may be contained in loan documents satisfactory to the City
Manager and the City Attorney.
Prolaw 168364
174992
EXHIBIT A
$800,000 LOAN TO PARROT JUNGLE
LOAN TERMS
1. City Loan Repayment Terms:
a. Interest rate: 0% (No interest will accrue on the City Loan)
b. 48 monthly payments in the amount of $16,667
c. Payments to begin 90 days after full execution of the loan documents between
the City and Parrot Jungle
2. Disbursement of the City Loan is subject to the following:
a. A 48 -month deferral by the City Commission of the Minimum Annual Rent and
Percentage Rent Parrot Jungle pays to the City under the Lease; and
b. Parrot Jungle providing the City with access and such materials as the City may
request, to conduct an analysis of the business model for the purpose of
improving the survivability of the Parrot Jungle and Gardens of Watson Island
Project, thereby mitigating the City's exposure on the HUD Loan; and
c. Parrot Jungle providing the City with such corporate documents, insurance
certificates and other documents as it may require to support the
disbursement of the City Loan.
3. The City shall disburse the $800,000 to Holland and Knight, LLC as escrow agent
pursuant to an escrow agreement that requires that the escrow agent disburse the
funds: (i) only to the Miami Dade County Tax Collector, and (ii) together with other funds
which, when aggregated with the City's $800,000 Loan, are sufficient to pay the totality
of real estate taxes outstanding on the Lease Property. The escrow agreement shall be
subject to such other terms and in a form as deemed necessary the City Manager and
the City Attorney.
4. Parrot Jungle shall use the City Loan to maintain jobs at the Parrot Jungle and Gardens
of Watson Island Project ("Jungle Island"), in accordance with a Budget for the use of
such funds to be approved by the City Manager.
5. Parrot Jungle will maintain a minimum of 400 full time equivalent jobs at Jungle Island
for the remaining term of the HUD Loan.
Parrot Jungle agrees that a minimum of 51% of the jobs maintained, on a full-time
equivalent basis, will be held by Low and Moderate Income persons (as defined under
the Department of Housing and Urban Development CDBG Program, 24 C.F.R. Part
570).
7. Parrot Jungle shall provide the City with a listing of the jobs expected to be maintained,
by job title, as a result to the City Loan. Parrot Jungle shall also provide to the City a list
of current employees, family size, annual family income, job title, and whether on a full-
time or part-time basis.
174992
8. Parrot Jungle shall provide the City with all such other information as may be requested
by the City or as may be required for compliance with the requirements of the City Loan.
9. The City shall have the authority to review Parrot Jungle's records regarding Jungle
Island for a period of five (5) years after the expiration of the term of the loan between
the City and Parrot Jungle.
10. This Exhibit A is intended to be a summary of elements of the agreement between the
City and Parrot Jungle regarding the City Loan. Additional duties and obligations
imposed on Parrot Jungle may be contained in loan documents satisfactory to the City
Manager and the City Attorney.
Prolaw 168364
174992
EXHIBIT A
$800,000 LOAN TO PARROT JUNGLE
LOAN TERMS
Aty Loan Repayment Terms:
Interest rate: 0% (No interest will accrue on the City Loan)
b\48 monthly payments in the amount of $16,667
c. Nayments to begin 90 days after full executiori of the loan documents between
A City and Parrot Jungle
2. DisbursemeNof the City. Loan is subject to the following:
a. Parrot Juh�le providing to the City Manager evidence of funding in an amount
greater an $1,449,000 to be used solely for the payment of outstanding
property t es on the Lease Property, or proof that all outstanding property
taxes owed the Lease Property have been paid; and
b. A 48 -month defer I by the City Commission of the Minimum Annual Rent and
Percentage Ren Parrot Jungle pays to the City under the Lease; and
c. Parrot Jungle providin the City with access and such materials as the City may
request, to conductanalysis of the business model for the purpose of
improving the survivab hity of the Parrot Jungle and Gardens of Watson Island
Project, thereby mitigating the City's exposure on the HUD Loan; and
d. Parrot Jungle providing the Citi with such corporate documents, insurance
certificates and other docume is as it may require to support the
disbursement of the City Loan.
3. Parrot Jungle shall use the City Loan to mainta jobs at the Parrot Jungle and Gardens
of Watson Island Project ("Jungle Island"), in ac ordance with a Budget for the use of
such funds to be approved by the City Manager,
4. Parrot Jungle will maintain a minimum of 400 full time qu•ivalent jobs at Jungle Island
for the remaining term of the HUD Loan.
5. Parrot Jungle agrees that a minimum of 51% of the jobs r� aintained, on a full-time
equivalent basis, will be held by Low and Moderate Income persons (as defined under
the Department of Housing and Urban Development CDBG Program, 24 C.F;R. Part
570). `•�
6. Parrot Jungle shall provide the City with a listing of the jobs expected to e maintained,
by job title, as a result to the City Loan. Parrot Jungle shall also provide oNthe City a list
of current employees, family size, annual family income, job title, and wheth on a full-
time or part-time basis.
7. Parrot Jungle shall provide the City with all such other information as may be requekted
by the City or as may be required for compliance with the requirements of the City Lodh ,
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S. TN City shall have the authority to review Parrot Jungle's records regarding Jungle
Isla q for a period of five (5) years after the expiration of the term of the loan between
the Cily and Parrot Jungle.
9. This Exhi X it A is intended to be a summary of elements of the
City and Rarrot Jungle regarding the City Loan., Additional
imposed onN�arrot Jungle may be contained in loan documents
Manager and he City Attorney.
Prolaw 166855
agreement between the
duties and obligations
satisfactory to the City