02/11/2008 Council Packet - Laserfiche WebLink

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• • • WHEREAS, at its January 9, 2008 meeting the Council's governing body considered the Grantee's request for additional time within which to comply with the traffic signal condition and gave the Grantee until August 31, 2008 to fulfill the traffic signal condition to which the Council's Decem- ber 20, 2000 grant award and its September 14, 2005 payment authorization were subject. NOW THEREFORE, in reliance on the representations made above and in consideration of the mutual promises and covenants contained in this agreement, the Grantee and the Council agree as follows: 1. The Council will forebear on its right to seek reimbursement of the $450,000 grant amount until August 31, 2008. 2. The Grantee will inform the Council in writing when the traffic signal is installed and operational. 3. If the traffic signal is not installed and operational on the northbound off -ramp of 1-35W at Lake Drive (CSAH 23) by August 31, 2008, the Grantee will reimburse the Council the entire $450,000 grant amount by September 15, 2008. 4. If the traffic signal is not installed and operational on the northbound off -ramp of I -35W at Lake Drive (CSAH 23) by August 31, 2008 and the Grantee does not reimburse the Council by September 15, 2008, the Council has the right to seek from the Grantee immediate reim- bursement of the entire $450,000 grant amount. IN WITNESS WHEREOF, the Grantee and the Council have caused this agreement to be exe- cuted by their duly authorized representatives. This agreement is effective on the date of final execution by the Council. Approved as to form: METROPOLITAN COUNCIL By Associate General Counsel Guy Peterson, Director Community Development Division SG00135AA Date CITY OF LINO LAKES By John J. Bergeson, Mayor Date Pag. gat Pages 01/14/0B