pf_03632 - Laserfiche WebLink

Home

THIS effective this 23 day of July, 1991, is made by and between the CITY OF ROSEVILLE, a municipal corporation duly organized under the laws of the State of Minnesota (hereinafter the City), and the Regional Transit Board, a political subdivision of the State of Minnesota (hereinafter the "RTB"). WITNESSETH: WHEREAS, the RTB approved a grant in the amount of Four Hundred Thousand Dollars ($400,000) to the City for a public transit hub at the Rosedale Shopping Center and sufficient parking for park and ride activities (the "Transit Hub Improvements.) adjacent to the transit hub; and WHEREAS, the City and RTB have undertaken planning for the Transit Hub Improvements; and WHEREAS, the conditions ofthe grant of the funds for establishment of the Transit Hub Improvements require the City to provide an agreement assuring that the Transit Hub Improvements will be constructed and available for public use; and WHEREAS, it is the intention of the parties that this Agreement be executed describing the parties' respective rights and responsibilities. NOW, TH&REFORE, the RTB and the City agree as follows. ARTICLE 1 RTB GRANT AND ENFORCEMENT OF TRANSIT STATION AGREEMENT 1.1) R TB Grant - THE R TB agrees that it shall provide from the proceeds of the sale of bonds by the Metropolitan Council a grant of funds in the amount of Four Hundred Thousand Dollars ($400,000) (the "Grant) to the City for the construction of the Transit Hub Improvements described in Exhibit A as approved by the RTB to be located at Rosedale Shopping Center (Rosedale). This grant of funds is conditioned upon compliance with the terms and conditions of this Agreement, provided, in the event the bond proceeds are insufficient to fund the Grant, R TB shall fund the construction of the Transit Hub Improvements to the extent of such bond proceeds. 1.2) Enforcement of the Transit Hub Improvements Agreement - The City agrees that it shall monitor construction of the Transit Hub Improvements and operation of the