02-22-2006 Council Agenda - Laserfiche WebLink

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SUBGRANT AGREEMENT (VILLAGE AT LITTLE CANADA RAMSEY COUNTY GRANT) THIS SUBGRANT AGREEMENT (this "Agreement ") is made and entered into as of this day of , 2006, by and between the CITY OF LITTLE CANADA, MINNESOTA (the "City ") and THE VILLAGE AT LITTLE CANADA LLC, a Minnesota limited liability company (the "Grantee "). WHEREAS, pursuant to an Environmental Response Fund Grant Agreement dated as of November 16, 2005 attached hereto as Exhibit A (the "Ramsey HRA Grant Agreement "), between the City and the Ramsey County Housing and Redevelopment Authority ( "Ramsey HRA "), the City has received a grant in the aggregate amount of $46,725 (the "Ramsey HRA Grant ") for the remediation activities at the Grantee's "Village at Little Canada" site in the City (the "Redevelopment Project "). WHEREAS, the Grantee and the Economic Development Authority of the City of Little Canada (the "EDA ") are parties to that certain Development Agreement dated as of December 9, 2003 (the "Development Agreement ") pursuant to which the EDA agreed to sell and the Grantee agreed to purchase certain real property constituting a portion of the Redevelopment Project and legally described on Exhibit B attached hereto (the "Development Property "). WHEREAS, the Development Agreement includes, among other things, the terms and conditions under which the EDA will convey the Development Property to the Grantee and the terms and conditions under which the Grantee will construct the Redevelopment Project. WHEREAS, among the City's goals for the Redevelopment Project are the creation retail opportunities, infrastructure improvements and remediation of environmental conditions, and providing the Grant described in this Agreement to the Grantee will further such goals. NOW THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement the parties hereto agree as follows: 1. Grant of Funds. The City hereby grants to the Grantee the sum of Forty Six Thousand Seven Hundred Twenty -Five and No /100 Dollars ($46,725.00) to the extent such funds are provided to the City under the Ramsey HRA Grant Agreement (the "Grant ") and to the extent permitted under the Ramsey HRA Grant Agreement, the City hereby assigns to Grantee, and the Grantee hereby assumes from City, all of the City's rights and obligations under the Ramsey HRA Grant Agreement. 2. Authorized Use of Grant Funds. The Grant to the Grantee under this Agreement shall be used only for those activities described in the Ramsey Grant Agreement including demolition, environmental remediation and public infrastructure improvements. 4