pf_03632 - Laserfiche WebLink

Home

1991, is made and -etween the CITY OF a corporation duly organized under the laws of the State of Kinnesota (hereinafter. the "City"), and the Regional Transit BOard, a political siilidii7ision of the State of Minnesota (hereinafter the "RTa"). WIT N ESSE T H- . WHEREAS, the R'i'B approved a grant in the !lllIount. of Four Hundred Thousand Dollars ($400,000) to the City for a public . . transit hub at the Rosedal'iL.Shopping Center and sufficient parking for park and rideacti1 rities (the "Transit Hub Impro1 rements") adjacent to the transit hub; and WHEREAS, the City and RTB ha1 re undertaken planning for the .Transit Hub Improvements; and WHEREAS, 'the conditions of the grant of the funds for . establishment of the Transit Hub Impro1 rements 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 describi-gthe parties' respective rights and responsibilities. NOW, THEREFORE, the RTB and the City agree as follows. ARTICLE 1- RTB GRA.NT AND ENFORCEMENT OF TRANSIT STATION AGREEMENT 1.1) RTB Grllnt - THE RTB agrees that it shall pro1 ride 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 RTII to be located at Rosedale Shopping Center (WRosedale"). This grant of. funds is conditioned upon compliance with the terms and conditions of this Aqreement, provided, in the event the bond proceeds are insufficient to fund the Grant, RTB shall fund the construction of the Transit Hub Improvements to the extent'of such bond proceeds.