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Minnesota Department of Employment and Economic Development <br />Greater Minnesota Business Development Public Infrastructure Program <br />General Obligation Bond Proceeds <br />Grant Agreement -Construction Grant <br />for the <br />Elk River BDPI Industrial Park <br />Project <br />Grant #BDPI-12-0003-O-FY12 <br />THIS AGREEMENT shall be effective as of June 4, 2012, and is between the City of Elk <br />River, a statutory city (the "Public Entity"), and the Minnesota Department of Employment and <br />Economic Development ("DEED"). <br />RECITALS <br />A. DEED has, under the provisions contained in Minn. Stat. ll6J.431, created and <br />implemented the Greater Mim7esota Business Development Public klfrastn~cture Grant Program <br />(the "DEED Greater Minnesota Business Development Public Infrastructure Grant Program") <br />under which it provides grants to statutory and home rule charter cities located outside the <br />metropolitan area (as defined in Minn. Stat. § 473.121, Subd. 2) to assist such cities in the <br />financing of public infrastructure necessary to support eligible projects under Minn. Stat. § <br />116J.431, Subd. 2. <br />B. The Public Entity is either a statutory or home rule charter city and as such has the <br />legal authority to own, construct and maintain public infrastructure. <br />C. Under the State Program, DEED is authorized to provide grants that are funded with <br />proceeds of state general obligation bonds authorized to be issued under Article XI, § 5(a) of the <br />Minnesota Constitution. <br />D. Under the State Program the recipients of a grant must use such funds to perform <br />those functions delineated in the State Program Enabling Legislation. <br />E. The Public Entity submitted, if applicable, a grant application to DEED in which the <br />Public Entity requests a grant from the State Program the proceeds of which will be used for the <br />purposes delineated in such grant application. <br />F The Public Entity has applied to and been selected by DEED for a receipt of a grant <br />from the State Program in an amount of TWO H[_JNDRED FIFTY THOUSAND DOLLARS <br />($250,000) (the "Program Grant"), the proceeds must be used by the Public Entity to perform <br />those functions and activities imposed by DEED under the State Program and, if applicable, <br />delineated in that certain grant application (the "Grant Application"). <br />DEED Greater MN Business Development Public Infrastructure Program 1 Ver- 2/16/10 <br />Grant Agreement for Construction Grants (DEED GO GA- Cnstrctn Grnt) <br />