This economic development agreement template has 8 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our economic development agreement template:
ECONOMIC DEVELOPMENT AGREEMENT This Economic Development Agreement (the "Agreement") is effective [DATE], BETWEEN: [ECONOMIC DEVELOPMENT CORPORATION OF [NAME OF CITY]], (the "EDC") registered under the laws of [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF COMPANY] (the "Developer") registered under the laws of [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] WHEREAS, The Developer is willing to provide Economic Development Services for the City of [SPECIFY CITY] (the "City"), which shall be provided with the assistance of the EDC; WHEREAS, The Parties shall list the relations, rights and obligations through this Agreement; WHEREAS, The Parties wish to evidence their contract in writing; NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: PURPOSE The purpose of this Agreement is to set forth the relationship between the Developer and EDC and the respective duties, responsibilities and obligations of each and the procedures to be followed relating to the design, construction and operation of the Development; and To provide a means by which the Development can be designed, constructed and completed by the Developer, with the cooperation of EDC, and for the coordination of efforts on the part of each to ensure the timely and expedited construction and Completion of the Development. FINDINGS EDC do hereby ascertain, determine, declare and find that: The Development will provide or preserve gainful employment for citizens of the City, make a significant contribution to the economic growth of the City and serve a public purpose by, among other things, advancing economic prosperity, helping to alleviate conditions of unemployment and underemployment in the City and attracting new and improved commercial and industrial enterprises to the City. The EDC is empowered under the applicable laws to construct, acquire by gift or purchase, reconstruct, improve, maintain or repair projects and acquire necessary lands for the site of a project, and to sell and to convey a project or any part thereof for a price and at a time which EDC determines, and to lend, grant, transfer, or convey funds, the EDC is empowered by applicable laws to constitute the performance of essential public purposes and functions for the State and its municipalities. The execution of this Agreement and the construction implementation of the Development will enhance the public benefit and welfare and therefore constitute public purposes in that they prevent and combat community deterioration in the City; increase employment opportunities in the City; help to alleviate conditions of unemployment and/or underemployment in the City; promote the location, relocation, expansion and retention of commercial and industrial enterprises in the City; increase and promote tourism and enhance tourist amenities in the City; and preserve and improve the aesthetic quality inuring to the economic health of the City. The above-cited items constitute important public benefits to the City and EDC. Further, additional public benefits of this Agreement and the construction of the Development consist of increased taxes and other revenues from the operation of the Development. Further, EDC hereby declares and acknowledges that the entering into of this Agreement was done on a competitive basis with a systematic evaluation of factors relating to the public benefit and welfare, and the public purposes, hereinabove described, all in accordance with the Ordinance. TERM The present Agreement shall commence on [DATE] (the Effective Date), and shall be operative until the Work is completed by the Developer. However, the Agreement may be terminated in accordance with the termination clause of this Agreement. ECONOMIC DEVELOPMENT The Developer agrees to undertake and complete the Development by the Effective Date agreed upon and specified in Section 3 of this Agreement. Except as otherwise provided herein, the Developer agrees, for itself and its successors and assigns, that, from and after the Closing Date, it shall promptly begin, and thereafter shall diligently prosecute or cause to be prosecuted to Completion, the Design Services, and the Work subject to and in accordance with the terms of this Agreement. The Development Services which are to be provided by the Developer are mentioned in Annexure - 1 which is attached to this Agreement. FINANCE The funds for the Economic Development performed by the Developer shall be provided by the EDC. The procedure and the amount shall be determined and paid according to Annexure - 2. Annexure - 2 is attached to this Agreement. COMPLETION The Developer agrees that it will make, execute, acknowledge and deliver any contracts, orders, receipts, writings and instructions with any other persons, firms or corporations and in general do all things reasonably within its power which may be requisite or proper, all for the acquisition, construction, expansion, equipping and improvement of the Project, and, upon Completion, the Developer will operate and maintain the Project in such manner as reasonably within the Developer's power so as to conform with all applicable zoning, planning, building, environmental and other applicable governmental regulations, so as to be consistent with the applicable laws. REPRESENTATIONS, WARRANTIES AND COVENANTS BY THE DEVELOPER The Developer is a registered company existing under the laws of [COUNTRY], and has all requisite power and authority to enter into and perform its obligations under this Agreement and all other agreements and undertakings to be entered into by the Developer in connection herewith. This Agreement, and, to the extent such documents presently exist in a form accepted by EDC and the Developer, each document contemplated or required by this Agreement to which the Developer is a Party has been duly authorized by all necessary action on the part of, and has been or will be duly executed and delivered by, the Developer; is binding on the Developer; and is enforceable against the Developer in accordance with its terms, subject to applicable principles of equity and insolvency laws. The Developer shall adhere to the terms of this Agreement and shall follow the terms laid down in good faith. REPRESENTATIONS AND WARRANTIES OF EDC The EDC is a validly existing State public body corporate and has all requisite power and authority to enter into and perform its obligations under this Agreement, and all other agreements and undertakings to be entered into by EDC in connection herewith.
