Title
Allocating $2,678,270 of the $9,500,000 streets and public spaces improvements funding of the 8-80 Vitality Fund to various projects; setting the project budgets and combining previous budgets for projects into the 8-80 Project; allocating Public Art into the budgets for Jackson Street, Downtown Bike Loop, and Grand Round; adding anticipated County Road Aid of $900,000, additional Federal Revenue of $100,000, and Assessment Revenue of $170,000 to the Raymond 8-80 Project; adding awarded Trunk Highway Funds of $530,000 to Payne at East Seventh project; and adding outside contributions of $200,000 from Comcast to the Optical Fiber Project Budget.
Body
WHEREAS, on September 24, 2014, the City Council adopted RES 14-1646 preliminarily approving the 2014 Bond Sale and on October 22nd adopted RES 14-1854 authorizing the issuance and negotiated sale of the 2014F and 2014G Sales Tax Revenue Bonds which closed on December 9, 2014; and
WHEREAS, the proceeds derived from the sale of the Series 2014F and 2014G Sales Tax Revenue Bonds are to be expended for capital projects to further residential, cultural, commercial, and economic development in both downtown Saint Paul and Saint Paul neighborhoods, and payment of the costs of issuing the 2014F and 2014G Bonds, including any underwriters' compensation; and
WHEREAS, $40,000,000 in sales tax revenue bond proceeds and $2,500,000 in public improvement assessments will be used for the creation of the 8-80 Vitality Fund; and
WHEREAS, on December 17, 2014, the City Council adopted RES PH 14-343, allocating to the 8-80 Vitality Fund: $8,000,000 for Palace Theater Renovations, $8,000,000 for Jackson Street reconstruction and beginning the construction of the Downtown Bike Loop, $13,200,000 for the Grand Round investment, $2,000,000 for Dickerman Park development, $1,800,000 for optical fiber infrastructure, and $9,500,000 for streets and public spaces improvements; and
WHEREAS, the $9,500,000 for streets and public spaces in...
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