Title
Accepting grant funds, authorizing execution of a grant agreement with indemnity obligations, and amending the Planning and Economic Development (PED) department operating budget related to the City's sponsorship of a Minnesota Investment Fund grant for the benefit of the Kalera, Inc. project located at 543 James Avenue.
Body
WHEREAS, in RES PH 21-90 the Saint Paul City Council resolved that the City may act as the legal sponsor in Kalera, Inc.’s (“Kalera”) Minnesota Investment Fund application and, thereby, authorized an application to the Minnesota Department of Employment and Economic Development (DEED) related to Kalera’s acquisition and rehab of a facility located at 543 James Avenue (the “Application”); and
WHEREAS, DEED accepted the Application and awarded the City a $275,000 Minnesota Investment Fund Grant for the benefit of Kalera (the “Grant Funds”); and
WHEREAS, The Minnesota Investment Fund Grant Contract (the “Grant Agreement”) requires the City to indemnify DEED; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Saint Paul City Charter, does certify that there are available for appropriation funds of $275,000 in excess of those estimated in the operating budget; now, therefore, be it
RESOLVED, by the Saint Paul Council, as follows:
1. The proper City officials are authorized to execute a Grant Agreement with DEED, which includes an indemnification clause, to accept and implement the Grant Funds;
2. Upon the recommendation of the Mayor that $275,000 is available for appropriation in the PED Operating Budget, said budget, as heretofore adopted by Council, is hereby further amended as outlined in the attached Financial Analysis.