Cornerstone Community Development Capital Improvement Grant Agreement 20230701

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ARPA Grant Agreement 7/1/2023 Between City of San Leandro and Building Futures with Women and Children Page 1 of 11 ARTICLE I GRANT TERMS; USE AND DISBURSEMENT OF PROCEEDS 1.1 GRANT. City agrees to Grant to Participant, and Participant agrees to borrow from City a sum of up to Eighty-Five Thousand Dollars ($85,000.00) (the “City Grant”) upon the terms and conditions and for the purposes set forth in this Agreement for construction of Improvements approved by the City. 1.2 TIMELINE TO SPEND THE GRANT. Participant shall expend the entire City Grant within twenty-four (24) months of the effective date of this Agreement. 1.3 USE OF PROCEEDS. Participant shall use the proceeds of the City Grant (the “City Grant Proceeds”) solely and exclusively to pay for the construction of the Improvements described in Exhibit B and in accordance with the budget and timeline specified in Exhibit B. 1.4 DISBURSEMENT OF PROCEEDS. Participant shall submit separate written requests for each disbursement of City Grant funds with supporting evidence for all amounts requested (each a “Requisition”). Participant shall submit each Requisition to the Community Development Director, or her/his designee, stating the requisition or invoice number (e.g., Invoice #1) and purpose and amount of the requested disbursement. Participant shall attach copies of any documents supporting the Requisition, including estimates, bids, receipts, invoices, contracts, payment schedules, or evidence of Participant’s payment of preconstruction and rehabilitation expenses required to fund the Improvements. The supporting documents shall state the time period in which work was performed, and the expenses to be funded with the City Grant Proceeds. 1.5 CONDITIONS PRECEDENT TO DISBURSEMENT OF PROCEEDS. City’s obligation to disburse the City Grant Proceeds is conditioned upon the satisfaction of all of the following conditions: (a) Participant’s delivery to City of fully executed Agreement; (b) Participant’s delivery to City of evidence reasonably satisfactory to City that Participant obtained all necessary permits (including without limitation, building permits), licenses, and approvals required to undertake the Improvements, or that the receipt of such permits is subject only to such conditions as City shall reasonably approve; (c) City shall have received and approved the final plans and specifications for the Improvements; (d) City shall have received copies of labor and materials bonds and performance bonds for the construction of the Improvements in an amount equal to one hundred percent (100%) of the scheduled cost of the Improvements. (e) Participant’s delivery to the City of evidence of insurance coverage in accordance with the requirements set forth in this Agreement; DocuSign Envelope ID: CA0082D5-0968-4878-8CC3-A2412BD38267