05-11-2015 Council Packet - Laserfiche WebLink

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negatively affect the value of such property, will be released, or (ii) the price bid by a purchaser under a public bid procedure after reasonable public notice, with the proviso that all mortgage liens or encumbrances on the property being sold, which negatively affect the value of such property, will be released at the time of acquisition by the purchaser. "G.0. Bonding Legislation" - means the legislation delineated in Recital A hereinabove as the G.O. Bonding Legislation. "0.0. Bonds" - means that portion of the state general obligation bonds issued under the authority granted in Article XI, Sec. 5(i) of the Minnesota Constitution, the proceeds of which are used to fund the Grant and any bonds issued to refund or replace such bonds. "Grant" - means a grant of monies from the State Entity to the Grant Recipient in an amount of $1,250,000, which amount may be modified under the provisions contained herein, "Grant Recipient" - means City of Little Canada, a plan b statutory city "Inspecting Engineer", if any - means the State Entity's construction inspector, or its designated consulting engineer, "Outstanding Balance of the Grant" - means the portion of the Grant that has been disbursed to or on behalf of the Grant Recipient minus any portion thereof previously paid back to the Commissioner of Management and Budget, "Project" - means the acquisition of an interest in the Real Property and, if applicable, the Facility, along with the performance of those activities indicated in Section 2.03. "Real Property" - means the real property located in the County of Ramsey State of Minnesota, legally described in Attachment II. "State Entity" - means the Minnesota Department of Transportation "Use Contract" - means a lease, management contract or other similar contract between Grant Recipient and any other entity, and which involves or relates to the Real Property and, if applicable, the Facility. "Usee" - means any entity with which the Grant Recipient contracts under a Use Contract. "Useful Life of the Real Property and, if applicable, the Facility" — means the term set forth in Section 2.04.W, of this Agreement, which was derived as follows: (i) 30 years for Real Property that has no structure situated thereon or if any structures situated thereon will be removed, and no new structures will be constructed thereon, (ii) the remaining useful life of the Facility as of the effective date of this Agreement for Facilities that are situated on the Real Property as of the date of this Agreement, that will remain on the Real Property Little Caanda GO Bond Proceeds Grant Agreement Ver — 5/06/15 fot' MnDOT Antiquated Equipment Grants 3