HomeMy WebLinkAboutMEMORANDUM 9OF UNDERSTANDING PERTAINING TO FUNDS FOR THE RENOVATION OF 600 BROAD STREET BBETWEEN AUGUSTA REGIONAL COLLABORATION PROJECTMemorandum of Understanding
Pertaining to Funds for the Renovation of 600 Broad Street
This document is a Memorandum of Understanding ( "MOU ") between Augusta Regional
Collaboration Project ( "ARCP "), an unincorporated non -profit under the CSRA Foundation
donor directed fund, and the Augusta, Georgia Consolidated Government ( "Augusta "), by and
through its Mayor, (collectively ARCP and Augusta will be referred to as the "Parties ")
concerning $100,000 from Augusta's Mayor's designated economic development funds to
renovate and rehabilitate the property at 600 Broad Street, Augusta, Georgia (the "Property").
The Parties agree that $100,000 (the "Funds ") from the Mayor's designated economic
development funds shall be provided to the CSRA Foundation, attention Ellen Harper, to be
placed in the donor directed fund "Augusta Regional Collaboration Project" marked to be
restricted for use to "600 Broad Street ", as approved by the Augusta, Georgia Board of
Commissioners on November 8, 2012.
The Parties agree that the Funds shall only be used for renovation and/or rehabilitation of the
Property.
The Parties agree that the Property is owned by Augusta, and fixed improvements to the Property
shall remain under the ownership of Augusta.
Anticipated improvements include mold remediation, structural repair, window /glass repair,
carpet removal, weatherization, plumbing, electrical, roof repair, ADA compliance and all other
necessary repairs to make the Property to be occupied safely and legally.
The Parties agree that at any time, with reasonable notice, Augusta may audit the Property, as
well as receiving documentation evidencing that the Funds have been spent in accordance with
this MOU.
ARCP currently estimates the improvements of the Property to exceed the Funds.
Notwithstanding the foregoing, the Parties agree that any of the Funds not spent on
improvements to the Property shall be returned to Augusta once the Property is occupied.
For ARCP:
Duly agreed this 28th day of December, 2012.
For Augusta, Georgia
—
Printed Name: NI A . 1 - 1 - 4 Mayor �t veF-
Title: 4:WP1/41 ) N crg-
El_L✓ lr,vt D 1 2EGT"o g Attest:
inmissi