Agenda - Council - 04/28/2015 - Laserfiche WebLink

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(g) DEMONSTRATION ACCOUNT DEVELOPMENT GRANT TRANSIT ORIENTED DEVELOPMENT (TOD) Named TOD Area. "Named TOD Area" means the TOD area identified by name and location in the Grantee's application for TOD program funds and in the TOD Project Summary attached to this Agreement. (h) Participating Municipality. "Participating Municipality" means a statutory or home rule charter city or town which has elected to participate in the Local Housing Incentive Account program and negotiated affordable and life -cycle housing goals for the Municipality pursuant to Minnesota Statutes section 473.254 (i) Project. Unless clearly indicated otherwise by the context of a specific provision in this Agreement, "Project" means the TOD development or redevelopment project identified in the application for Livable Communities Demonstration Account TOD program grant funds for which grant funds were requested that provides the deliverables upon which the application was scored. Grant -funded activities typically are components of the Project. (j) Transit Oriented Development. "Transit Oriented Development" means high density, mixed use development adjacent to transit stations using pedestrian -friendly design standards. II. GRANT FUNDS 2.01. Source of Funds. The grant funds made available to the Grantee under this Agreement are from the Livable Communities Demonstration Account of the Metropolitan Livable Communities Fund. The grant funds are derived from the property tax authorized by Minnesota Statutes section 473.253, subdivision 1 and are not from federal sources. 2.02. Total Grant Amount. The Council will grant to the Grantee the "Grant Amount" identified at Page 1 of this Agreement. Notwithstanding any other provision of this Agreement, the Grantee understands and agrees that any reduction or termination of Livable Communities Demonstration Account TOD program grant funds made available to the Council may result in a like reduction in the Grant Amount made available to the Grantee. 2.03. Authorized Use of Grant Funds. The Grant Amount made available to the Grantee under this Agreement shall be used only for the purposes and activities described in the application for Livable Communities Demonstration Account TOD program grant funds. The grant funds may be used for reimbursement of real estate acquisition costs if: (a) the property was purchased within the twelve- month period preceding the date by which the TOD grant program applications for the Funding Cycle were due; (b) the real estate was purchased by the Grantee or by a not-for-profit or a socially responsible developer; and (c) the Project will lead to the development of affordable housing or will result in jobs retained, created or made more accessible to low-income and underserved populations, including opportunities for entrepreneurship. Property holding costs are an eligible use of grant funds but may not exceed five percent (5%) of the amount of the grant funds awarded for property acquisition. A TOD Project Summary that describes eligible uses of the grant funds as approved by the Council is attached to and incorporated into this Agreement as Attachment A. Aerial photography or drawings that identify 2014 LCDA TOD Development SG2014-088 Page 3 of 12 revised 10/01/14