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Contract No. L-86- <br />LOAN AGREEMENT <br />BETWEEN THE METROPOLITAN COUNCIL AND <br />THE CITY OF MOUNDS VIEW <br />THIS AGREEMENT, entered into this day of 1986 by and <br />between the Metropolitan Council, hereinafter referred to as the "Council," and <br />the City of Mounds View, hereinafter referred to as the "Lendee." <br />WHEREAS, the Council is required by Minnesota Statutes, Section 473.851, <br />et. seq., to administer the Metropolitan Land Planning Act, hereinafter <br />referred to as the "Act," which requires local governmental units within the <br />Metropolitan Area to prepare comprehensive plans; and <br />WHEREAS, the Council is required by Minnesota Statutes, Section 473.867, to <br />establish a planning assistance fund to assist local governments in carrying <br />out planning activities and to adopt uniform procedures for the award, <br />disbursement and repayment of grants and loans; and <br />WHEREAS, the Lendee has applied to the Council for a loan to be used for a <br />detailed, comprehensive review of the Lendee's comprehensive plan, zoning code, <br />sub i-Ision regulations and other policies, rules and regulations pertaining to <br />development within the city; and <br />WHEREAS, the Council desires to assist the Lendee in doing a comprehensive <br />review of the Lendee's comprehensive plan and official controls. OTHEREFORE, <br />g <br />funds tothee Lende�andothedLendee'�soagreement tof the lag <br />reement <br />and Lendee agree as follows: <br />I. Amount and Loan Guidelines <br />A. The Council shall pay to the Lendee a total loan amount of <br />$15,000. The total amount of loan funds shall be made available to <br />the Lendee upon execution of this Loan Agreement. <br />B. Tho Lendee agrees to comply with all provisions of the <br />Metropolitan Council 1985-1987 Local Planning Assistance <br />LoanGuidelines, as amended, hereinafter referred to as the "Loan <br />Guidelines" which is hereby incorporated by reference into this <br />Loan Agreement and made a part hereof. <br />P. Authorized Use of Loan Proceeds <br />A. It is understood and agreed that the following costs and expenses <br />shall be the only such costs and expenses paid for out of loan <br />proceeds. Costs and expenses to be reimbursed shall additionally <br />be in substantial accord with specifications contained in the <br />Lendee's loan application and other provisions contained herein. <br />The following costs specifically incurred in carrying out the <br />planning activities specified in the funded portion of the work <br />program shall be payable from loaned amounts. <br />I. Compensation of existing staff. <br />2. Compensation of newly hired staff. <br />