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proposed project, even if DTED awards grant funds to the City. Only a signed Development <br /> Agreement can create"final", enforceable legal obligations between the City and the Developer, <br /> and if no such Agreement is ever finalized, the City would not be obligated to accept grant funds <br /> even if they were awarded to the City by DTED. <br /> The original and current grant application indicated that the funds (if awarded)would be used to <br /> acquire property within the project area and construct a new stormwater detention pond thereon. <br /> A small holding pond is currently located to the west of the Mermaid site, but it cannot handle <br /> the existing stormwater runoff, most of which is therefore running (untreated) into Rice Creek. <br /> The Rice Creek Watershed District will ultimately require that the City do something to remedy <br /> this situation, so it would make sense to take those remedial steps in connection with a local <br /> redevelopment project, especially if grant funds could be used to pay for costs that would <br /> otherwise be borne by the City and/or the Developer. <br /> Alternative Actions: <br /> 1. Adopt attached Resolution authorizing Kevin Carroll, Economic Development Coordinator,to <br /> submit an application for a DTED Redevelopment Grant by the applicable deadline of April 1, <br /> 1999. <br /> 2. Direct staff to not apply for the DTED Redevelopment Grant. <br /> Kevin P. Carroll, Economic Development Coordinator <br /> N:\DATA\GROUPS\COMDEV\CITYCOUN\CC-REP\MER-DTED.REP <br />