06-10-2026 Council Packet - Laserfiche WebLink

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3 Error! Unknown document property name. “Construction Start Date” shall mean the date on which the construction of the Project Improvements begins, which shall be no later than [_______]. “Date of Closing” shall mean the date on which the LCDA Loan Documents are delivered, the Article 3 “Conditions Precedent to Advances” are met, and the Project status is satisfactory to Lender, which date shall be on or before July 31, 2026. “Disbursement Agreement” shall mean that certain disbursement agreement dated as of the date of this Agreement by and between Lender, Borrower and Title for disbursement of the LCDA Proceeds, and described in Exhibit E attached hereto. “Land” shall mean the real property comprising the Project, located in the County of Ramsey, State of Minnesota, legally described on Exhibit A attached hereto and hereby made a part hereof. “LCDA Grants” shall mean that certain Livable Communities Demonstration Account Grant No. SG-22064 from the Metropolitan Council in the amount of $490,000 to fund eligible activities in the City and that certain Livable Communities Demonstration Account Grant No. SG-25043 from the Metropolitan Council in the amount of $432,500 to fund eligible activities in the City. “LCDA Grant Agreements” shall mean that certain Metropolitan Livable Communities Act Grant Agreement No. SG-22064, by and between the Metropolitan Council and Lender, dated November 13, 2024, awarding the LCDA Grant from the Metropolitan Council to Lender, and described in Exhibit H and that certain Metropolitan Livable Communities Act Grant Agreement No. SG-25043, by and between the Metropolitan Council and Lender, dated November 12, 2025, awarding the LCDA Grant from the Metropolitan Council to Lender, and described in Exhibit H. “LCDA Grant Documents” shall mean all documents creating, evidencing, or securing the LCDA Grants by and between the Metropolitan Council and Lender, including the LCDA Grant Agreements. “LCDA Improvements” shall mean those improvements and other activities described in the LCDA Grant Agreements Project Summary that are eligible for reimbursement from the LCDA Grants. “LCDA Loan” or “Loan” shall mean the LCDA Grants proceeds made available by Lender to Borrower for the Project. “LCDA Loan Documents” shall mean this Agreement, the LCDA Note, the LCDA Mortgage and the request for notice of foreclosure in the form of Exhibit F for the benefit of Lender. “LCDA Mortgage” shall mean the LCDA Mortgage made by Borrower in favor of Lender and securing the LCDA Note, substantially in the form of Exhibit D attached hereto. “LCDA Note” shall mean the promissory note of Borrower evidencing the LCDA Loan dated as of the Date of Closing in the original principal amount of $922,500, payable to Lender and described in Exhibit C attached hereto. “LCDA Proceeds” or “Loan Proceeds” shall mean the $922,500 in funds available through the LCDA Grants to be disbursed through this Agreement and used to pay LCDA Project Costs. “LCDA Project Costs” shall mean the total of all LCDA Improvements costs.