Fort Walton Beach Ordinance — 2093--EDATE--Project Blue Waves — reading text

the parties and their respective successors, enforceable notwithstanding changes in corporate or other governance. B. The Company represents and warrants to the City that as of the date hereof and throughout the term of this Agreement: 1. The Company is a for profit corporation, duly organized under the laws of the State of Florida or authorized to do business in Florida, maintains a place of business within the State of Florida, and is validly existing and is doing business in the State of Florida as Project Blue Waves; 2. The Company has the power and authority to own its properties and assets and to carry on its business as now being conducted and has the power and authority to execute and perform this Agreement; 3. This Agreement: ( a) is the lawful, valid and binding agreement of the Company in its corporate name enforceable against the Company in accordance with its terms; ( b) does not violate any order of any court or other agency of government binding on the Company, the charter documents of the Company or any provision of any indenture, agreement or other instrument to which the Company is a party; and ( c) does not conflict with, result in a breach of, or constitute an event of default, or an event which, with notice or lapse of time, or both, would constitute an event under any material indenture, of default, agreement or other instrument to which the Company in its corporate name is a party; 4. The Company has not received written notice of any action having been filed against the Company that challenges the validity of this Agreement or the Company' s right and power to enter into and perform this Agreement; and hereto has the to execute this 5. The signatory authority bind to the terms and Agreement and to the Company conditions set forth herein. 6 SECTION 9: TERM AND TERMINATION. This Agreement shall be effective upon its full execution. Unless terminated for cause in accordance with applicable law, this Agreement shall terminate upon expiration of the Exemption Period. SECTION 10: ADDITIONAL PROVISIONS. A. VALIDITY. After consultation with their respective legal counsel, the City and the Company each represents and warrants to the other its respective authority and power under Florida law to enter into this Agreement, acknowledges the validity and enforceability of this Agreement, and waives any future right of defense based on claim of illegality, invalidity or unenforceability of any nature. B. AMENDMENTS. This Agreement may be amended, in writing, by the mutual consent of the parties. C. INDEMNIFICATION. To the fullest extent permitted by law, the Company shall indemnify and hold harmless the City and the EDC, its officers and employees from liabilities, damages, losses, and costs including but not limited to reasonable attorney fees, to the extent the recklessness, or intentional wrongful caused by negligence, conduct of the Company and other persons employed or utilized by the Company in the performance of this Agreement. D. ENTIRE AGREEMENT. This Agreement constitutes the entire understanding between the parties with respect to the transaction prior written or oral contemplated herein and supersedes all negotiations, commitments or writings. All future modifications to this agreement shall be in writing signed by both parties. E. ATTORNEYS FEES. If any legal action is brought by either party relating to this Agreement, the prevailing party will be entitled to reimbursement by the other party of its reasonable attorneys' fees and costs. F. GOVERNING LAW AND VENUE. This Agreement shall be interpreted in accordance with the laws of the State of Florida without regard to its principles of conflicts of laws. Venue for any legal  proceedings arising out of this Agreement shall be in Okaloosa County, Florida. G. NOTICES. Any notices required under this Agreement shall be in writing and be addressed to the parties as shown below. Notices shall be by certified or registered first class mail or by delivered commercial courier service and shall be deemed to have been given or made as of the date received. 8 NOTICES: AS TO THE CITY: Michael Beedie City Manager AS TO ONE OKALOOSA ECONOMIC DEVELOPMENT COUNCIL: Nathan Sparks Executive Director AS TO COMPANY: Project Blue Waves Confidential at this time Address to be determined IN WITNESS WHEREOF, the parties hereto have caused this document to be executed on the day and year first hereinabove written. CITY OF FORT WALTON BEACH Dick Rynearson, Mayor W'°L T. 4 ATTEST: Faaj 1t ;^° Kim arnes 44. City Clerklir 41 ,. ` PLORIDik e APPROVED AS TO FO r Dykes, Jr Ham. C Attorney 9 Project Blue Waves Confidential at this time Signature Confidential at this time Print Name Date: Witnesses: Signature Print Name Signature Print Name 10  Economic Development Ad Valorem Tax Exemption Supplemental Application NOTICE: This supplement application is to be used by the Applicant to provide additional information for review by the governing bodies in Okaloosa County and the entities involved with the process. The Department of Revenue DR-418 form must accompany this application for formal review by the Okaloosa County Property Appraiser's office. Access the DR-418 at http:// dor.mvflorida. com/ dor/property/forms/ current/dr418.pdf 1. BUSINESS INFORMATION A. Legal name of the Applicant: v /r/DC'` T AL Yes® No B. Confidentiality Request in place: If yes, project name? Blue Waves C. Business Address: o. LjAJ J 1/ AJTJ IOL— City Fort Walton Beach State/ Province FL Zip Code 32548 D. Type of Business Aerospace and defense industry 2. PROJECT OVERVIEW A. Which of the following best describes the Applicant: New business to Florida Existing Florida business creating and/ or retaining jobs B. What is the decision making timeframe of the Project? Summer 2021 C. Please provide the address of the proposed permanent location of the project. 71 XWTL Fort Walton Beach State/ Province FL Zip Code 32548 City D. Within city or town limits? Yes® No If yes, which city/ town? Fort Walton Beach E. Number of existing full- time employees? 500 in Okaloosa County Average wage of existing employees? $ 75, 000 3. JOB AND WAGE OVERVIEW A. How many, new to Okaloosa, Full-Time Equivalent Jobs are projected to be created as part of 12 this Project? B. What is the projected annualized average wage ( excluding benefits) of the new Full- Time Equivalent jobs created as part of this Project? 70, 000 C. What is the projected annualized average cost to the Applicant of benefits for each new job Project? 30, 000 created as part of this Provide the job creation schedule to which you commit. If your job creation schedule extends past 3 years, please feel free to add additional rows. Phase Number of net new full- time equivalent jobs created Date by which jobs will be created 6 12/ 31/ 22 2 12/ 31/ 23 II 4 12/ 31/ 24 III 12/ 31/ IV Total 12 4. CAPITAL INVESTMENT OVERVIEW A. Describe the capital investment in connection with the Project in real and personal property ( Examples: construction of new facility; remodeling of facility; upgrading, replacing, or buying new equipment.): Capital investment includes, but is not limited to, expansion of existing facilities, and the purchase of new equipment, such as tooling. B. Identify whether the Project will be located in a/ an: Leased space with renovations or build out Newly constructed building(s) on newly acquired land Newly constructed building(s) on previously acquired land Newly acquired existing building(s) with renovations Addition to previously acquired existing building( s) Other( please describe in 4A above) 2, 500, 000 C. New construction value: 2022 What year will renovations or construction for this