Title
Amending the budget in the Department of Planning and Economic Development by adding $60,000.00 to the Financing and Spending plans for a grant received from the Saint Paul Foundation to fund the Central Corridor Emergency Working Capital Loan Fund.
Body
WHEREAS, the City Council of the City of Saint Paul (the "Council") is committed to provide financial assistance to businesses affected by the Central Corridor Light Rail Transit project ("CCLRT");
and
WHEREAS, the Metropolitan Council has preliminarily agreed to provide funding for the affected businesses upon approval of a Joint Powers Agreement with the City of Saint Paul; and
WHEREAS, CCLRT construction began last January in Lowertown and has impacted the access to businesses and business sales and revenue; and
WHEREAS, staff from the Mayor's Office and Department of Planning and Economic Development developed a proposal to use Saint Paul Foundation grant funds to provide an immediate Lowertown Business Mitigation Bridge Loan fund until the Joint Powers Agreement is signed and those funds are made available; and
WHEREAS the Mayor recommends that the following additions be made to the 2010 budget:
Financing Plan Current Budget Change Amended Budget
Fund 101, Activity 36321, Project 63636
3699 - Other State Grants $0 $60,000 $60,000
Total $0 $60,000 $60,000
Spending Plan Current Budget Change Amended Budget
Fund 101, Activity 36321, Project 63636
0547 - Payment to
Subcontractor Grantees $0 $60,000 $60,000
$0 $0 $0
Total $0 $60,000 $60,000
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Saint Paul that Mayor Chris Coleman, as Chief Executive Officer of the City of Saint Paul, is hereby authorized and directed to apply for and accept the Saint Paul Foundation's Central Corridor Emergency Working Capital Loan Fund grant; and be it
FURTHER RESOLVED, that the Council does hereby authorize the proper City Officials to the execute the grant agreement with the Saint Paul Foundation; and
FURTHER RESOLVED, that the City does hereby authorize the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (HRA) to administer the $60,000 grant and delegates to the HRA the responsibility to execute and administer the loan agreements with the businesses; and be it
FINALLY RESOLVED, that the Council does hereby authorize the proper City officials to amend the 2010 budget as described above.