Title
Authorizing the Office of Financial Empowerment (OFE) to accept a $5,000 donation from Living Cities, which would obligate OFE to pay consultants who developed a community ownership commercial real estate workbook as a resource for the Office’s Shared Ownership Equity Summit held in October 2024.
Body
WHEREAS, the City of Saint Paul has established an Office of Financial Empowerment (“OFE”) within the Office of Financial Services (Ord 19-74); and
WHEREAS, the functions of OFE include creating and implementing programs that enable local communities to build wealth and the local economy as well as partnering with external organizations to execute the programs; and
WHEREAS the LOCAL Fund is a program that seeks to build community wealth and the local economy utilizing a shared ownership approach; and
WHEREAS, the Shared Ownership Equity Summit serves as an opportunity to raise awareness about opportunities residents and communities can take to build local wealth; and
WHEREAS, the Shared Ownership Equity Summit also serves as an opportunity for the City of Saint Paul to share and inform attendees on the City’s efforts at building local wealth for the City’s residents and communities including the LOCAL Fund; and
WHEREAS, Living Cities is a national non-profit that provides funding and technical assistance to cities to develop and implement strategies that pave the way for BIPOC people to build wealth; and
WHEREAS, the uses of the donated funds would support OFE’s current efforts to provide education and information to partners, residents, and other stakeholders about shared ownership models; and
WHEREAS, the goals and objectives of the Summit align with OFE’s goals and objectives; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul does certify that there are available for appropriation funds of $5,000 in excess of those estimated in the 2024 budget; now, therefore, be it
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