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Resolution 8928
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Resolution 8928
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Last modified
6/25/2019 10:08:28 AM
Creation date
3/14/2018 9:58:53 AM
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MV City Council
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LOCAL HOUSING INCENTIVES ACCOUNT <br />1. DEFINITIONS <br />1.01. Definition of Terms. The terms defined in this section have the meanings given them in this <br />section unless otherwise provided or indicated by the context. <br />(a) Commenced. For the purposes of Sections 2.09 and 4.03, 'commenced" means significant <br />physical improvements have occurred in furtherance of the Project (e.g., a foundation is <br />being constructed or other tangible work on a structure has been initiated). In the absence of <br />significant physical improvements, visible staking, engineering, land surveying, soil testing, <br />cleanup site investigation, or pollution cleanup activities are not evidence of Project <br />commencement for the purposes of this Agreement. <br />(b) Council Action. "Council Action" means the action or decision of the governing body of the <br />Metropolitan Council, on the meeting date identified at Page 1 of this Agreement, by which <br />the Grantee was awarded Local Housing Incentives Account funds. <br />(c) Development Authority. "Development Authority" means a housing and redevelopment <br />authority, economic development authority, or port authority. <br />(d) Municipality. "Municipality" means a statutory or home rule charter city or town in the <br />seven -county metropolitan area defined by Minnesota Statutes section 473.121, <br />subdivision 2. <br />(e) Participating Municipality. "Participating Municipality" means a Municipality electing to <br />participate in the Local Housing Incentives Account program under Minnesota Statutes section <br />473.254. <br />(i) Project. Unless clearly indicated otherwise by the context of a specific provision of this <br />Agreement, "Project" means the development or redevelopment project identified in the <br />application for Local Housing Incentives Account funds for which grant funds were requested. <br />Grant -funded activities typically are components of the Project. <br />II. GRANT FUNDS <br />2.01. Source of Funds. The grant funds made available to the Grantee under this Agreement are <br />from the Local Housing Incentives Account of the Metropolitan Livable Communities Fund. The <br />grant funds are derived from property taxes authorized by Minnesota Statutes sections 473.249, <br />473.253 and 473.254, subdivision 5 and are not from federal sources. <br />2.02 Total Grant Amount. The Council will grant to the Grantee the "Grant Amount' identified at <br />Page I of this Agreement. Notwithstanding any other provision of this Agreement, the Grantee <br />understands and agrees that any reduction or termination of Local Housing Incentives Account funds <br />made available to the Council, or any reduction or termination of the dollar -for -dollar match amount <br />required under Section 2.03, may result in a like reduction in the Grant Amount made available to <br />the Grantee. <br />2.03. Match Requirement. Pursuant to Minnesota Statutes section 473.254, subdivision 6, the <br />515311Q MU205-47 <br />Page 2 of 12 pages <br />Boulevard Projecl rev. 1119117 <br />
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