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acceptable to the City, for management of Garrett Square apartments. <br />• 4. If the purchase of Garrett Square apartments does not close on or before <br />December 31, 2002 PHA will, upon request, return the $500,000 grant to <br />the City. <br />5. If PHA ever receives any financial return from its equity interest in Garrett <br />Square apartments, through sale or otherwise, the funds shall be spent on <br />affordable housing initiatives within the City of Charlottesville, which are <br />mutually acceptable to the City and PHA. <br />The City Manager is authorized to execute the grant agreement on behalf of the <br />City, in a form approved by the City Attorney. <br />Approved by Council <br />September 16, 2002 <br />Cl(krJW of City Council <br />• <br />0 <br />