Laserfiche WebLink
SUBGRANT AGREEMENT <br />THIS SUBGRANT AGREEMENT (the "Agreement") is made and entered into as of <br />, 2015 (the "Effective Date") by and between the City of Ramsey, a Minnesota <br />municipal corporation (the "City"), and CommonBond Communities, a Minnesota nonprofit <br />corporation (the "Subgrantee"). <br />WITNESSETH: <br />WHEREAS, the City applied for and has been awarded from the Metropolitan Council <br />(the "Council") a grant of Livable Communities Demonstration Account in the amount of <br />$580,000.00 (the "LCDA Grant") and a grant of funds in connection with its Local Housing <br />Incentives Account in the amount of $200,000.00 (the "LHIA Grant" and, together with the <br />LCDA Grant, the "Grants") to be used by the City to meet its affordable and life -cycle housing <br />goals by partially funding the acquisition and development of a 47 -unit multifamily housing <br />project to be located in Ramsey, Minnesota (the "Project"); <br />WHEREAS, the City and the Council have executed Metropolitan Livable Communities <br />Act Grant Agreements in connection with the LCDA Grant (the "LCDA Grant Agreement") and <br />the LHIA Grant (the "LHIA Grant Agreement" and, together with the LCDA Grant Agreement <br />the "Grant Agreements"), true and correct copies of which are attached hereto as Exhibit A and <br />Exhibit B, respectively; <br />WHEREAS, CB Ramsey Housing Limited Partnership, a Minnesota limited partnership <br />(the "Owner"), shall be the owner of the Project, CB Ramsey Housing LLC, a Minnesota limited <br />liability company (the "General Partner"), is the sole general partner of Owner, and Subgrantee <br />is the sole member of General Partner; <br />WHEREAS, the City desires to subgrant the proceeds of the Grants to Subgrantee to <br />provide financing for the eligible activities described in the Grant Agreements and in accordance <br />with the terms and conditions contained in this Agreement; <br />WHEREAS, upon Subgrantee's receipt of the proceeds of the Grants from time to time, <br />Subgrantee shall immediately contribute such funds to the General Parmer; the General Partner <br />shall then immediately contribute such funds to the Owner; and then the Owner shall use the <br />proceeds to pay for the Improvements; and <br />WHEREAS, the City and Subgrantee desire to enter into this Agreement for the purpose <br />of setting forth their respective responsibilities with respect to the Grants. <br />1 <br />