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Accepting grant funds, authorizing execution of a grant agreement (with indemnity obligations and other documents related thereto) and amending the operating budget with respect to the City's sponsorship of a Metropolitan Council Livable Communities Demonstration Account Development Grant Program for the benefit of a Common Bond development at 2260 Bohland Avenue (Common Bond Ford Site II) (District 15, Ward 3).
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WHEREAS, in RES 23-1068, the Saint Paul City Council resolved that the City of Saint Paul (the “City”) may act as the legal sponsor in connection with a Metropolitan Council grant application for a Common Bond housing development at 2260 Bohland Avenue (the “Common Bond Ford Site II”) and, thereby, authorized an application to the Metropolitan Council related to the Common Bond Ford Site II project located at 2260 Bohland Avenue (“Application”); and
WHEREAS, the Metropolitan Council accepted the Application and awarded the City a $575,000 Livable Communities Demonstration Account Development grant for the benefit of the Common Bond developer for the Common Bond Ford Site II (“Grant Funds”); and
WHEREAS, the Metropolitan Council Livable Communities Demonstration Account Development grant contract (“Grant Agreement”) requires the City to indemnify the Metropolitan Council; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Saint Paul City Charter, does certify that there are available for appropriation funds of $575,000 in excess of those estimated in the operating budget; now, therefore, be it
RESOLVED by Saint Paul City Council:
1. Upon the recommendation of the mayor that the $575,000 is available for appropriation in the Operating Budget, the City Council hereby authorizes and approves said budget, as heretofore adopted by the City Council, to be amended as outlined in the attached financial analysis.
2. the City Council hereby authorizes and approves entering into a Grant Agreement with the Metropolitan Council which includes an indemnification clause to accept and implement the Grant Funds consistent with the Application and applicable compliance requirements.
3. the City Council hereby authorizes and approves the City entering into a subgrant agreement(s) or loan documents with the developer of 2260 Bohland Avenue (Common Bond Ford Site II), which is expected to be a newly created limited partnership or limited liability company that is owned or controlled by Common Bond, for the disbursement of the Grant Funds consistent with the Application, the Grant Agreement, and applicable compliance requirements.
4. the City Council hereby authorizes and approves City staff to take all actions necessary to carry out the activities authorized by this Resolution, including finalizing all documents and agreements necessary to effectuate the activities to be undertaken by this Resolution, subject to approval by the City Attorney’s Office.
5. Proper City officials are hereby authorized and approved to execute any and all documents in connection with this Resolution, subject to approval by the City Attorney’s Office.
6. This Resolution does not constitute a binding legal agreement; rather, the action taken herein shall not be effective until said documents are executed by the appropriate official(s) of the City.