Title
Authorizing the Office of Financial Empowerment to apply for and accept a $165,000 grant from the McKnight Foundation to support operational costs for its shared ownership initiative and amending the 2026 budget for the Office of Financial Empowerment.
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WHEREAS, the City of Saint Paul seeks to advance economic democracy and prosperity for Saint Paul residents through its LOCAL Fund program which utilizes shared ownership approaches to building community wealth; and
WHEREAS, shared ownership encompasses various alternative economic models that, in addition to enabling communities to build wealth, also aim to keep ownership local, and contribute to economic democracy; and
WHEREAS, in addition to the LOCAL Fund program, the Office of Financial Empowerment seeks to raise awareness and educate residents, community members, partners, and other stakeholders about alternative economic models; and
WHEREAS, the Office of Financial Empowerment will convene stakeholders and provide opportunities for residents, community members, partners, and various stakeholders to engage with and learn from one another; and
WHEREAS, educated and informed Saint Paul residents and communities will be in a better position to advocate for themselves and participate in opportunities to advance their economic health and welfare of their communities; and
WHEREAS, the Office of Financial Empowerment seeks to apply for a grant (the “Grant”) in the amount of $165,000 from the McKnight Foundation to support program operation costs for the shared ownership initiative, including but not limited to, costs associated with marketing and outreach, consulting and professional services, and programmatic costs; and
WHEREAS, pursuant to Saint Paul Legislative Code, Section 86.12(b)(1), the City Council must consent to the submission of any grant application and the use of grant funds, if received; and
WHEREAS, the Office of Financial Empower has applied for and received the Grant; and
WHEREAS, pursuant to Saint Paul Legislative Code, Section 86.12(c), failure to obtain City Council approval prior to submission of the grant application will not invalidate the grant award but may result in rejection of the grant award and denial of corresponding budget action or contract approval requests; and
WHEREAS, the City Council wishes to accept the Grant and amend the 2026 budget to reflect the acceptance of the funds from the Grant; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there are funds available for appropriation $165,000 in excess of those estimated in the 2026 budget; now, therefore, be it
RESOLVED, the City Council approves the application and acceptance of the Grant; and be it further
RESOLVED, by the City Council that an additional $165,000 is available for appropriation in the 2026 budget, and that said budget, as heretofore adopted by the Council, is hereby amended as outlined in the attached financial analysis.
Financial Analysis
See attached.