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<br />Generic GO Bond Proceeds 7 Ver – 10/26/2020 <br />Grant Agreement for Construction Grants <br /> <br /> “Outstanding Balance of the G.O. Grant” – means the portion of the G.O. Grant that has <br />been disbursed to or on behalf of the Public Entity minus any portion thereof previously paid <br />back to the Commissioner of MMB. <br /> <br />“Ownership Value”, if any – means the value, if any, of the Public Entity’s ownership <br />interest in the Real Property and, if applicable, Facility that existed concurrent with the Public <br />Entity’s execution of this Agreement. Such value shall be established by way of an appraisal <br />or by such other manner as may be acceptable to the State Entity and the Commissioner of <br />MMB. The parties hereto agree and acknowledge that such value is $300,000 or ____ Not <br />Applicable; provided, however, the Commissioner of MMB is not bound by any inserted dollar <br />amount unless he/she has consented, in writing, to such amount. If no dollar amount is inserted <br />and the blank “Not Applicable” is not checked, a rebuttable presumption that the Ownership <br />Value is $0.00 shall be created. (The blank “Not Applicable” should only be selected and <br />checked when a portion of the funds delineated in Attachment III attached hereto are to be <br />used to acquire the Public Entity’s ownership interest in the Real Property and, if applicable, <br />Facility, and in such event the value of such ownership interest should be shown in Attachment <br />III and not in this definition for Ownership Value). <br /> <br />“Project” - means the Public Entity’s acquisition, if applicable, of the ownership interests <br />in the Real Property and, if applicable, Facility denoted in Section 2.02 along with the <br />performance of activities denoted in Section 2.03. (If the Public Entity is not using any portion <br />of the G.O. Grant to acquire the ownership interest denoted in Section 2.02, then this definition <br />for Project shall not include the acquisition of such ownership interest, and the value of such <br />ownership interest shall not be included in Attachment III hereto and instead shall be included <br />in the definition for Ownership Value under this Section.) <br /> <br />“Public Entity” - means the entity identified as the “Public Entity” in the lead-in paragraph <br />of this Agreement. <br /> <br />“Real Property” - means the real property located in the County of Hennepin, State of <br />Minnesota, legally described in Attachment II to this Agreement. <br /> <br />“Real Property/Facility Lease” - means a long-term lease of the Real Property, the Facility, <br />if applicable, or both by the Public Entity as lessee thereunder. This definition is only needed <br />and only applies if the Public Entity’s ownership interest in the Real Property, the Facility, if <br />applicable, or both is a leasehold interest under a lease. For all other circumstances this <br />definition is not needed and should be ignored and treated as if it were left blank, and any <br />reference to this term in this Agreement shall be ignored and treated as if the reference did not <br />exist. <br /> <br />“State Entity” - means the entity identified as the “State Entity” in the lead-in paragraph <br />of this Agreement. <br /> <br />“Subsequent Betterment Costs” – means the costs of betterments of the Real Property and, <br />if applicable, Facility that occur subsequent to the date of this Agreement, are not part of the