Title
Approving and authorizing an amendment to the Central Corridor Streetscape Budget, and transferring appropriation within the STAR fund budget.
Body
WHEREAS, the City Council has approved the Central Corridor Streetscape Budget ("Budget") which Budget included STAR funds of at least $1,000,000 for capital costs; and
WHEREAS, by a Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("HRA") Resolution No. 11-58 adopted on January 12, 2011 the HRA Board approved a Joint Powers Agreement ("JPA") with the Metropolitan Council ("Met Council") in connection with the Ready for Rail Program ("R4R Program") that provides funding incentives for small businesses to plan and prepare for potential business disruptions caused by the construction of the Central Corridor Light Rail Transit Project; and
WHEREAS, by HRA Resolution No. 11-1047 adopted on June 8, 2011, the HRA Board approved an amendment to the JPA ("JPA Amendment") to evidence the Met Council's contribution of an additional $2,500,000 to the R4R Program, and in the HRA staff report to the HRA Board in connection with this JPA Amendment it was stated that it was anticipated that the City Council will consider a reallocation of Central Corridor resources to contribute to this R4R Program later this summer, therefore, in the JPA Amendment the parties contemplated that the HRA may contribute up to $1,000,000 to the R4R Program; and
WHEREAS, Met Council has funded streetscape betterments to the Central Corridor Streetscape in an amount of at least $1,000,000 which amounts were included in the City's 2010 Central Corridor Streetscape CIB Budget, thereby freeing up $1,000,000 of City funds that can be made available for use in the R4R Program; and
WHEREAS, in this resolution the City Council is being asked to transfer $1,000,000 of STAR funds intended to be used for Streetscape Improvements (which have been funded by Met Council) to the HRA's Fund 119 and then, in turn, the HRA funds will be contributed to the R4R Program by the HRA to be distributed and administered under the JPA Amendment; and
WHEREAS, the Mayor pursuant to Section 10.07.4 of the Charter of the City of Saint Paul, does certify that there are available for transfer of appropriation funds as identified in the attached budget amendment; and
WHEREAS, the City Council determines there is a public purpose to reallocate the STAR funds in the manner requested;
NOW, THEREFORE, BE IT RESOLVED by the Saint Paul City Council as follows:
1. The City Council hereby approves the changes to the capital improvement and STAR budgets in the amounts set forth in the attached budget amendment contingent upon the STAR Board receiving a staff report scheduled for February 13, 2013.
2. City staff and legal counsel are authorized and directed to take all actions needed to implement this Resolution.
Financial Analysis
See Attachment.