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<br />1 <br /> <br />GRANT AGREEMENT <br /> <br />2 <br />3 <br /> <br />(Festival of Lights) <br /> <br />4 THIS GRANT AGREEMENT is made and entered into this 13th day of October 1998, by <br />5 and between the REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a public entity <br />6 ("Grantor") and the DOWNTOWN DIVISION OF THE GREATER RIVERSIDE CHAMBERS OF <br /> <br />7 COMMERCE ("Grantee"), and is made with reference to the following facts: <br /> <br />8 RECITALS <br /> <br />9 A. The Grantor is a public entity organized in accordance with the Community Redevelopment <br />10 Law as contained in California Health and Safety Code Sections 33000, et seq, Pursuant thereto, <br />11 Grantor is authorized to undertake and support projects within designated areas of the City of Riverside <br />12 which foster the elimination of blighted conditions and encourage the economic well-being of such <br /> <br />13 areas. Through the Main Street Improvement Project, Grantor has coordinated the construction of <br />14 various improvements along the Main Street Mall in order to enhance its appearance and retail/business <br /> <br />15 viability. <br /> <br />16 B. Grantee is an organization which promotes the development of the downtown area ofthe <br /> <br />17 City of Riverside. Grantee is participating in the sponsorship of a "Festival of Lights," which is <br /> <br />18 intended to encourage an increased public presence and shopping within the downtown Riverside area <br /> <br />19 during the 1998 holiday season. <br /> <br />20 C. Grantee has sought, and upon the terms and conditions described herein, Grantor is willing <br /> <br />21 to provide, funding for certain costs associated with the 1998 Festival of Lights. <br /> <br />22 The parties, therefore, agree as follows: <br /> <br />23 1. Grant and Use of Funds. Grantor agrees to provide a grant to Grantee in an amount not <br /> <br />24 to exceed Seven Thousand Five Hundred Dollars ($7,500.00). Such funds will be provided by Grantor <br />25 to Grantee within thirty (30) days following the execution of this Agreement. Such funds will be used <br />26 fully and exclusively for the placement and removal of decorative lights. Grantor reserves the right <br />27 to, at any time, withhold the balance of said grant ifthe use of funds is found to be substantially out of <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 782-5567 <br /> <br />A)A ID-\3 -'is <br />f<.4- - I~LQ <br />