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WHEREAS, the City utilized $1,090,000.00 of the Grants to help fund the acquisition of <br />• the Property needed for the Town Square Project and the Master Developer, on behalf of the <br />Developers, funded the balance of the acquisition cost. <br />WHEREAS, among the City's goals for the Town Square Project are the redevelopment <br />of blighted property, creation of affordable housing, remediation of environmental conditions, <br />infrastructure improvements, and retail opportunities, and the utilization of the Grants for <br />acquisition of the Property needed for the Town Square Project will further such goals. <br />WHEREAS, the City, the Developers and the Master Developer have made certain <br />representations and statements relating to the Town Square Project to be carried out and <br />completed by the Developers which were contained in and made part of the various applications <br />for the Grants. <br />WHEREAS, the City has transferred the Property to the Multifamily Developer pursuant <br />to a Quit Claim Deed of even date herewith in accordance with the Development Agreement and <br />in consideration of such transfer the City has requested that the Developers and the Master <br />Developers enter into this Agreement relating to the Grants. <br />NOW, THEREFORE, the City, the Developers, and the Master Developer agree as <br />follows: <br />1. Each Developer and the Master Developer will abide by all terms and conditions <br />of the any Grant agreements relating to the use of the funds made available from the Grants, <br />including, but not limited to, the return of the Grant funds if all major components of the Town <br />Square Project are not completed. "Major components" are the Multifamily Development, the <br />Townhome Development and the Senior Development. <br />• <br />G9 <br />