Title
Approval of Budget Amendment to Transfer Funds for Central Corridor Ready for Rail Small Business Loan Program.
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the "Act"); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minnesota Statute Section 469.002, Subd. 14; and
WHEREAS, by 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 a companion 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 Resolution;
NOW, THEREFORE, BE IT RESOLVED by the HRA Board of Commissioners as follows:
1. Subject to the approval by the City Council of the transfer of $1,000,000 from the applicable STAR account to HRA Fund 119, the HRA Board of Commissioners hereby approves the attached budget amendment.
2. HRA staff and legal counsel are authorized and directed to take all actions needed to implement this Resolution.