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F <br />G. <br />WHEREAS, City Council adopted Resolution on approving the Grant as described <br />below attached hereto as Exhibit A. <br />WHEREAS, this Agreement and any documents required under this Agreement shall be referred <br />to herein as the "Grant Documents ". <br />NOW, THEREFORE, in consideration of the mutual promises and covenants stated below and other <br />good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the City and the <br />Grantee agree as follows: <br />ARTICLE I - PROJECT <br />Section 1.01 Grant Project <br />Grantee shall undertake, or cause to be undertaken, the activities described in the Grantee's <br />application (collectively referred to as the "Project "), as more fully described in Exhibit C to this Agreement. <br />The Project shall include the Environmental /Site Work necessary to make the Project Site ready for <br />residential development. The total cost of Project construction is approximately $3,000,000. The total cost of <br />the Environmental /Site Work is estimated at $350,000. <br />Section1.02 Sources and Uses of Funds for the Project <br />The total cost of the Environmental /Site Work is approximately $350,000 and shall be financed from <br />the following sources: <br />(1) A reimbursement grantfrom City to Grantee which shall be in the amount of One <br />Hundred Thousand Dollars ($100,000) in accordance with Article II and the other <br />provisions of this Grant Agreement (the "Funds" or "Grant Funds" or "Grant "). <br />(2) Private funds in the amount of $250,000. <br />The grant shall be contingent upon the Grantee's procuring either a contract from a reputable lender <br />and /or showing documented evidence of the equity necessary to complete the work as outlined in Exhibit C. <br />Grantee shall not employ financing sources other than those identified above unless Grantee receives the prior <br />written approval of the City. <br />Use of City Grant Funds <br />The Grant from the City to the Grantee shall be made in accordance with Article II and the other provisions of <br />this Grant Agreement. Such Grant Funds shall be used for the Environmental /Site Work as more fully <br />described in the scope of work included as Exhibit C attached hereto. <br />Section1.03 Timetable for Project Activities <br />Grantee shall perform the Project in accordance with the following schedule: <br />Page 2 of 18 <br />