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Authorizing application for and acceptance of grants from the Minnesota Department of Employment and Economic Development, McKnight Foundation, and The Saint Paul Foundation for the Accelerate MSP program and amending the 2011 budget.
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WHEREAS, the mission statement of Accelerate MSP is to catalyze and accelerate regional economic growth by providing the expertise, assistance, and capital necessary to help transform innovative, high-potential opportunities into high-value start-ups and companies; and
WHEREAS, this initiative will pursue three goals, namely: (1) develop, fund and implement strategies to stimulate regional entrepreneurship and will partner with JumpStart Community Advisors and other regional stakeholders; (2) partner with the Brookings Institution to work with the Obama Administration to identify opportunities for reform in the way that the federal government invests in metropolitan areas; and (3) emphasize entrepreneurship among women, communities of color and immigrants; and
WHEREAS, regional fundraising is necessary to fund this initiative and City staff has identified three potential grant contributors namely the Minnesota Department of Employment and Economic Development ($75,000.00), McKnight Foundation ($50,000.00), and The Saint Paul Foundation ($50,000.00) (collectively the Grants); and
WHEREAS, the City Council is being requested to authorize the Director of the Department of Planning and Economic Development to apply for the Grants; and
WHEREAS, upon the approval and issuance of the Grants the City Council is being requested to authorize the acceptance of the Grants; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, upon approval and issuance of the Grants, does hereby certify that $175,000.00 in funds are available for appropriation in excess of those estimated in the 2011 budget and recommends the changes to the 2011 budget identified on Attachment A: and
NOW THEREFORE, BE IT RESOLVED, that the City Council of Saint Paul hereby authorizes the application for and, upon issuance of the Grants by the contributors, acceptance of the Grants and approves the changes identified on Attachment A to the 2011 budget; and
BE IT FURTHER RESOLVED, that the Director of the Department of Planning and Economic Development is hereby authorized and directed to execute all documents, agreements and instruments necessary to apply for and accept the Grants and subgrant the funds to JumpStart Community Advisors, and to take all action necessary to implement this Resolution.