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LOCAL HOUSING INCENTIVES ACCOUNT NOW THEREFORE, in reliance on the above statements and in consideration of the mutual promises and covenants contained in this Agreement, the Grantee and the Council agree as follows: I. DEFINITIONS 1.01. Definition of Terms. The terms defined in this section have the meanings given them in this section unless otherwise provided or indicated by the context. (a) Commenced. For the purposes of Sections 2.09 and 4.03, "commenced" means significant physical improvements have occurred in furtherance of the Project (e.g., a foundation is being constructed or other tangible work on a structure has been initiated). In the absence of significant physical improvements, visible staking, engineering, land surveying, soil testing, cleanup site investigation, or pollution cleanup activities are not evidence of Project commencement for the purposes of this Agreement. (b) Council Action. "Council Action" means the action or decision of the governing body of the Metropolitan Council, on the meeting date identified at Page 1 of this Agreement, by which the Grantee was awarded Local Housing Incentives Account funds. (c) Development Authority. "Development Authority" means a housing and redevelopment authority, economic development authority, or port authority. (d) Municipality. "Municipality" means a statutory or home rule charter city or town in the seven -county metropolitan area defined by Minnesota Statutes section 473.121, subdivision 2. (e) Participating Municipality. "Participating Municipality" means a Municipality electing to participate in the Local Housing Incentives Account program under Minnesota Statutes section 473.254. (f) Project. Unless clearly indicated otherwise by the context of a specific provision of this Agreement, "Project" means the development or redevelopment project identified in the application for Local Housing Incentives Account funds for which grant funds were requested. Grant -funded activities typically are components of the Project. II. GRANT FUNDS 2.01. Source of Funds. The grant funds made available to the Grantee under this Agreement are from the Local Housing Incentives Account of the Metropolitan Livable Communities Fund. The grant funds are derived from property taxes authorized by Minnesota Statutes sections 473.249, 473.253 and 473.254, subdivision 15 and are not from federal sources. 2.02 Total Grant Amount. The Council will grant to the Grantee the "Grant Amount" identified at Page 1 of this Agreement. Notwithstanding any other provision of this Agreement, the Grantee understands and agrees that any reduction or termination of Local Housing Incentives Account funds made available to the Council, or any reduction or termination of the Page 2 of 12 Pages Boulevard Project rev. 12112117