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sources on the project, the process in which the City would recoup the grant funds in the event of default. In <br />essence, the City will only provide the grant dollars provided by the Metropolitan Council to the Developer (Aeon) <br />if the required improvements are completed by the Developer (Aeon). <br />Alternatives: <br />Alternative 1 <br />Adopt Resolution # 17-09- approving the City enter into a Grant Agreement between the City and Metropolitan <br />Council, a Sub -Grant Agreement between the City and Developer (Aeon), and a Subordinate Agreement between <br />the City and Developer (Aeon). Staff supports this alternative. <br />Alternative 2 <br />Do not adopt Resolution #17-09- approving the City enter into a Grant Agreement between the City and <br />Metropolitan Council, a Sub -Grant Agreement between the City and Developer (Aeon), and a Subordinate <br />Agreement between the City and Developer (Aeon). This grant is an important step in the financing of the <br />Greenway Terrace development project which was reviewed by the Planning Commission and approved by the <br />City Council. Staff does not support this alternative. <br />Funding Source: <br />All costs associated with this Case are the responsibility of the Developer. <br />Recommendation: <br />Staff recommends adoption of Resolution #17-09-223 approving the City enter into a Grant Agreement between the <br />City and Metropolitan Council, a Sub -Grant Agreement between the City and Developer (Aeon), and a <br />Subordinate Agreement between the City and Developer (Aeon) <br />Action: <br />Motion to adopt Resolution # 17-09-223 approving the City enter into a Grant Agreement between the City and <br />Metropolitan Council, a Sub -Grant Agreement between the City and Developer (Aeon), and a Subordinate <br />Agreement between the City and Developer (Aeon). <br />Site Location Map <br />Resolution #17-09-223 <br />Grant Agreement between City and Met Council <br />LHI Loan Agreement <br />HUD Subordination Agreement <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Tim Gladhill Eric Maass 09/21/2017 02:15 PM <br />Tim Gladhill JoAnn Shaw 09/21/2017 02:19 PM <br />Kurt Ulrich Kurt Ulrich 09/21/2017 03:12 PM <br />Form Started By: Eric Maass Started On: 09/20/2017 11:39 AM <br />Final Approval Date: 09/21/2017 <br />