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• General Obligation Bond Proceeds <br />Grant Agreement - Construction Grant <br />for the <br />Northwest Quadrant Redevelopment II <br />Project <br />THIS AGREEMENT shall be effective as of July 3, 2009, and is between City of New <br />Brighton, a statutory city (the "Public Entity"), and the MN Dept. of Employment & Economic <br />Development (the "State Entity"). <br />RECITALS <br />A. Under the provisions contained in M.S. 444.075, the Public Entity has been given the <br />authority to make storm water improvements; and <br />B. Under the provisions contained in 2006 MN Statutes, Chapter 258, Section 49, (the <br />"GO Bonding Legislation")- the State of Minnesota has allocated $ 849,592.55 (the "Grant"), <br />which is to be given to the Public Entity as a grant to assist it in making improvements to the <br />storm water systems in the Northwest Quadrant as authorized by such legislation; and <br />. C. Under the provisions contained in M.S. 444.075, the Public Entity has been given the <br />authority to operate storm water systems (the "Governmental Program"); and <br />D. The monies allocated to fund the grant to the Public Entity are proceeds of state <br />general obligation bonds authorized to be issued under Article XI, § 5(a) of the Minnesota <br />Constitution; and <br />E. The Public Entity's receipt and use of the Grant to acquire and/or improve real <br />property (the "Real Property") and, if applicable, structures situated thereon (the "Facility") will <br />cause all of such real property and structures to become "state bond financed property", as such <br />term is used in Minn. Stat. § 16A.695 (the "G.O. Compliance Legislation") and in that certain <br />"Order Amending Order of the Commissioner of Finance Relating to Use and Sale of State Bond <br />Financed Property" executed by the then Commissioner of Finance on July 20, 1995 (the <br />"Commissioner's Order"), even though such funds may only be a portion of the funds being used <br />to acquire and/or improve the Real Property and, if applicable, Facility and that such funds may <br />be used to only acquire and/or improve a part of the Real Property and/or, if applicable, Facility. <br />F. The Public Entity and the State Entity desire to set forth herein the provisions relating <br />to the granting of such monies and the disbursement thereof to the Public Entity, and the <br />operation of the Real Property and, if applicable, Facility. <br />IN CONSIDERATION of the grant described and other provisions in this Agreement, the <br />parties to this Agreement agree as follows. <br />Generic GO Bond Proceeds 1 Ver — 6/26/08 <br />Grant Agreement for Construction Grants (Gnrc GO GA-Cnstrctn Grnt) <br />