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funds the City is passing through to the limited partnership from another agency and not City funds. <br />The grant funds are not at risk as these funds are only accessible to the developer on a reimbursement <br />basis—the developer must incur the costs before the City will can seek reimbursement from the agency. <br />Finally, staff recommends approval of the Master Disbursement Agreement. The parameters for <br />disbursement identified in the mortgage are consistent with the terms agreed upon in the MOU. <br />REQUESTED COUNCIL ACTION <br />Sy motion, extend the Memorandum of Understanding for the LCDA and TSRA grants until December <br />31, 2010. <br />Sy motion, approve the Mortgage, the Master Subordination Agreement, and the Master Disbursement <br />Agreement in substantially the form on file, subject to modification approved by the City Manager and <br />the City's legal counsel. <br />Prepared by: Jamie Radel, Economic Development Associate <br />Attachments: A: Memorandum of Understanding <br />B. Draft MOU Addendum <br />C. Draft Note given by Sienna Green 1 Limited Partnership to the City <br />D. Draft Mortgage between the City and Sienna Green 1 Limited Partnership <br />E. Draft Master Subordination Agreement <br />F. Draft Master Disbursement Agreement <br />Page 3 of 3 <br />