Title
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 Minnesota Department of Employment and Economic Development (DEED) Redevelopment Grant for the benefit of Afton Park Development’s Mixed-Use Redevelopment at 841-857 Grand Avenue (District 16, Ward 2).
Body
WHEREAS, in RES 25-1223, the Saint Paul City Council resolved that the City of Saint Paul (the “City”) may act as the legal sponsor in connection with a Redevelopment grant application for the benefit of Afton Park Development and, thereby, authorized an application to DEED related to Afton Park Development’s project located at 841-857 Grand Avenue (“Application”); and
WHEREAS, the DEED accepted the Application and awarded the City a $350,000 Redevelopment grant for the benefit of Afton Park Development for the subject site (“Grant Funds”); and
WHEREAS, the DEED Redevelopment grant contract (“Grant Agreement”) requires the City to indemnify DEED; 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 $350,000 in excess of those estimated in the operating budget; now, therefore, be it
RESOLVED by the Saint Paul City Council:
1. Upon the recommendation of the Mayor, that the $350,000 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 the Grant Agreement with DEED that 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 redeveloper of the site, Afton Park Development (or another entity owned and controlled by it that has an interest in the subject property), 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. the appropriate City officials, including the Mayor/Assistant Mayor, the Director of Office of Financial Services (or designee), and the Director of Planning and Economic Development (or designee), and the Director of the Department of Human Rights and Equal Economic Opportunity (or designee), are each authorized, individually, to execute such applications, which may include indemnification obligations, as are necessary to implement the projects and/or grant applications on behalf of the applicant, and
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.
Financial Analysis
See Attachment.