Title
Amending the financing and spending plans in the Department of Planning and Economic Development budget in the amount of $744,640 to accept a grant from the Minnesota Housing Finance Agency for Neighborhood Stabilization Program 3 activities.
Body
Whereas, the Minnesota Housing Finance Agency ("Minnesota Housing") is scheduled to receive an allocation of Neighborhood Stabilization Program 3 funds provided under Section 1497 of the Wall Street Reform and Consumer Protection Act of 2010 for the purpose of assisting in the redevelopment of abandoned and foreclosed homes; and
Whereas, Minnesota Housing has determined that the City of Saint Paul is eligible for and in need of $744,640 of these funds ("Funds"), and therefore asked for and received from City of Saint Paul staff an application for the Funds; and
Whereas, Minnesota Housing has approved the City of Saint Paul's application and is prepared to enter into a grant agreement with the City of Saint Paul; and
Whereas, the City Council did approve submission of an application for funding through the first Neighborhood Stabilization Program on November 19, 2008; and
Whereas, the City Council did approve submission of an application for funding through the Neighborhood Stabilization Program 2 on July 8, 2009; and
Whereas, the City Council did approve submission of an application for funding through the Neighborhood Stabilization Program 3 on February 23, 2011; and
Whereas, activities funded by the first Neighborhood Stabilization Program and the Neighborhood Stabilization Program 2 are currently underway; and
Whereas, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does hereby certify that $744,640.00 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 the attached budget amendment; and
Now, therefore, be it resolved, that the City Council does hereby ratify staff's applica...
Click here for full text