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METROPOLITAN LIVABLE COMMUNITIES ACT <br /> AGREEMENT PERMITTING REDEPLOYMENT OF REPAYMENT <br /> PROCEEDS FOR GRANT FUNDS AS LOAN PROCEEDS <br /> GRANTEE: CITY OF MOUNDS VIEW <br /> THIS AGREEMENT PERMITTING REDEPLOYMENT OF REPAYMENT <br /> PROCEEDS FOR GRANT FUNDS AS LOAN PROCEEDS("Redeployment Proceeds <br /> Agreement")is made and entered into by the Metropolitan Council("Council")and the <br /> Municipality,County,or Development Authority identified above as "Grantee." <br /> WHEREAS, the Grantee has previously received grant program funds for the Livable <br /> Communities Demonstration Account, Tax Base Revitalization Account, and/or the Local <br /> Housing Incentives Account grant programs ("Grant Funds") and has used the Grant Funds <br /> made available under the agreements identified on Exhibit A to help fund the projects <br /> identified in the agreements (the "Prior Grant Agreements"), which are subject to any terms, <br /> conditions, and clarifications stated in the Prior Grant Agreements' Council business items; <br /> and <br /> WHEREAS,the Council, pursuant to Business Item 2024-210 had recently clarified its <br /> policy that all Metropolitan Livable Communities Fund grants, including the Prior Grant <br /> Agreements, deployed as loans to permit recipients such as Grantee to use the loan proceeds <br /> to either: <br /> (1)repay any loan principal or interest proceeds to the Council; <br /> (2)reinvest loan proceeds to extend the affordability commitment in the Project; or <br /> (3)use the loan proceeds to advance its affordable and life-cycle housing goals <br /> regardless of whether the Prior Grant Agreements expressly permitted such repayment, <br /> reinvestment, or use. <br /> NOW THEREFORE,in reliance on the above statements and in consideration of the <br /> mutual promises and covenants contained in this Agreement, the Grantee and the Council <br /> agree as follows: <br /> 1. Notwithstanding any language in the Prior Grant Agreements to the contrary or <br /> absence of any language with respect to the same, the Parties expressly agree and <br /> acknowledge that as an alternative to repaying any loan principal or interest proceeds <br /> ("Repaid Grant Funds") to the Council, the Grantee may either reinvest the loan <br /> proceeds to extend the affordability of the Project or use loan proceeds to advance its <br /> other affordable and life-cycle housing goals ("Redeployment of Repaid Grant <br /> Funds"). <br /> Page I of 3 <br />