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POLICY I4 <br />1/07/04 <br />ITEM: Grant agreement between City and Sherman Associates <br />SUBMITTED BY: Heather Worthington, City Administrator <br />EXPLANATION: <br />Summary: In 2002 and 2003, the City received $1,450,000 in grants from the Metropolitan <br />Council for the redevelopment of the SE Corner. These grant monies will be available to <br />Sherman Associates for certain aspects of the redevelopment project. As such, the city has been <br />advised by our legal counsel to enter into a grant agreement with Sherman Associates for the <br />future release and expenditure of those funds. This will mirror the city's agreements with the <br />Metropolitan Council, and hold Sherman Associates responsible for meeting the requirements of <br />the grant agreements, as well as the measurable goals and specific aspects of the redevelopment <br />as laid out in the Redevelopment Agreement and the grant paperwork. <br />Mr. Sherman signed the grant agreement during the closing on the Senior Apartments on <br />December 30, 2003. <br />ATTACHMENT: <br />• • Grant Agreement <br />ACTION REQUESTED: <br />• Approval of the Grant Agreement with Sherman Associates <br />C, <br />GG <br />