4.5. SR 07-09-2012 - Laserfiche WebLink

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"Facility", if applicable, -means public infrastnlcture, which is located, or will be constn~cted and located, on the Real Property and all equipment that is a part thereof that was purchased with the proceeds of the Program Grant. "Fair Market Value " -means either (i) the price that ~~~ould be paid by a willing crud grrali~ed buyer to a ~~~illirrg ar~d qualified seller as determined by an appraisal that assumes that all liens arzd encumbrances on the property being sold that negatively affect the value of srrclr propert~~, ~~~dl be paid ar~rd r°eleased, or° (ii) the price bid by a prrrclraser• under a public bid procedure after reasonable public notice, with the proviso that all Bens acrd encurubrances on the property being sold that negatively affect the value of such property, ~~~i11 be paid and released at the time of acquisition by the przrclraser. "G.O. Bonds" -means that portion of the state general obligation bonds issued under the authority granted in Article XI, § 5(a) of the Minnesota Constitution the proceeds of which are used to fund the Program Grant and any bonds issued to refund or replace such bonds. "G.O. Compliance Legislation" -means Minn. Stat. § 16A.695, as it may be amended, modified or replaced from time to time unless such amendment, modification or replacement imposes an unconstitutional impairment of a contract right. "Grant Application" -means that certain grant application that the Public Entity submitted to DEED. This definition is only needed and only applies if the Public Entity submitted a grant applicatior~r to DEED. If tl2e Public Entit~~ did not srrbnut a grant application to DEED, then this definition is not needed and should be ignored and treated as ifit ~~~er•e left blank, and any reference to this term in this A~rreerrrent shall be i~~ored and treated as if tl2e reference did not exist. "Initial Acquisition and Betterment Costs" -means the cost to acquire the Public Entity's ownership interest in Real Property and, if applicable, Facility if the Public Entity does not already possess the required ownership interest, and the costs of betterments of the Real Property and, if applicable, Facility; provided, however, the Commissioner of MMB is not bound by any specific amount of such alleged costs unless he/she has consented, in writing, to such amount. "Outstanding Balance of the Program Grant" -means the portion of the Program Grant that has been disbursed to or on behalf of the Public Entity nunus any portions thereof previously paid back to the Commissioner of MMB. "Program Grant" - means a grant of molues from DEED to the Public Entity in the amount identified as the "Program Grant" in Recital E to this Agreement, as the amount thereof may be modified under the provisions contained herein. "Project" -means the Public Entity's acquisition, if applicable, of the ownership interests in the Real Property and, if applicable, Facility denoted in Section 2.02 along with the performance of activities denoted in Section 2.03 herein. (If the Public Entity is not using any portion of the Program Grant to acquire the o~~~nership interest denoted in Section 2.02, then this definition for Project shall not inchrde the acquisition of such DEED Greater MN Business Development Public Infrastructure Program 4 Ver- 2/16/10 Grant Agreement for Construction Grants (DEED GO GA- Cnstrctn Grnt)