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MEMORANDUM 017 AGY-'FEMENT
<br />do
<br />MEMORANDUM OF AGREEMEM between INDIAN RIVER COUNTY,
<br />FLORIDA, a public body corporate and politic duly create(: and
<br />® existing under the laws of the State of Florida (hereinafter
<br />called the "Issuer"), and MMMASTER, INCORPORATED, a'Florida
<br />corporation (the "Company").
<br />1. Preliminary Statement. Among the matters of mutual
<br />ir•0ucemenL which have resulted in the execution of this
<br />i,emorandum of Agreement are the following:
<br />•9 (a) The Issuer is a public body corporate and politic duly
<br />created and existing as a local governmental body and
<br />duly constituted as a public instrumentality for the
<br />purposes of industrial development, under and by virtue
<br />of Chapter 159, Part II, Florida Statutes, as�arrended,
<br />(the "Act"), and is duly authorized and empowered by
<br />such Act to provide for the issuance of anal to issue
<br />and sell its industrial development revenue bonds for
<br />the purpose of financing all or any part of the "cost"
<br />(as defined in the Act) of any "project" (as defined
<br />in the Act).
<br />(b) The Company proposes to acquire, construct and equip
<br />an industrial or manufacturing plant to be located
<br />in Indian River County, Florida (the "County"), for
<br />the manufacture of metal products (the "Project").
<br />(c) The Company expects that the cost of the Project, in-
<br />cluding the cost of issuance- of the Bonds, will not
<br />exceed $850,000.00.
<br />(d) The Company repress; is that the Project will provide
<br />or preserve employr:.Lrit ir. the County by creating ap-
<br />proxi:i.ately 40 additional, new jobs within a period of
<br />one year after Comnletion.
<br />(e) The C:ompanv represents -chat it has
<br />not COmnleilCF_'d the
<br />acqu.Lsitlon or constrL:Ction Of or the ordering of
<br />equipment for the Project, and that it is essential
<br />that the Comoary ii, --mediately make coru„itments for
<br />- - - --,� suer, purposes.
<br />(i) The Com ;any proposes that t}:e Issuer agree to issue
<br />its Industrial L'eve•l.o,-ment ,'?evenue Bonds, in an
<br />a,4regate principal amount of not to exceed $850,000.00
<br />(t}`e "Bonds"), to flnar.ce all or part of the "cost"
<br />(as defined in the Act) of. the Project, the Bonds to 1--e
<br />secured by the obligZ.tions of the Cor,pany ur;cier a
<br />lett: e, instalL::ent sale, lor,n or other financinct agree-
<br />ment (the "financing Agr.eer:-,ent") to make payments
<br />sufficient to pay the debt service thereon, and the in-
<br />terest on the Bonds to be exempt from federal irtco:,.e
<br />taxation under existing laws of the United States of
<br />America.
<br />(g) The Issuer, by resolution duly passed and adopted, has
<br />made certain findings and determinations and has duly
<br />approved and authorized the execution and delivery of
<br />this Memorandum, of Agreer.,,2nt.
<br />(h) This Eemorandum of T. ;rec,,;ent is entered into to induce
<br />the Company to proceed with commitments for the Project
<br />and to incur costs in connection with various phases
<br />of the Project (including the costs of the acquisition,
<br />construction and equipping of the Project and related
<br />expenses) and to provide assurances by the Issuer,
<br />prior to the issuance of the Donds, that the Issuer.
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