Title
Authorizing the Office of Financial Empowerment to apply for and accept a $165,000 grant from the McKnight Foundation to support operational costs for its shared ownership initiative and amending the 2026 budget for the Office of Financial Empowerment.
Body
WHEREAS, the City of Saint Paul seeks to advance economic democracy and prosperity for Saint Paul residents through its LOCAL Fund program which utilizes shared ownership approaches to building community wealth; and
WHEREAS, shared ownership encompasses various alternative economic models that, in addition to enabling communities to build wealth, also aim to keep ownership local, and contribute to economic democracy; and
WHEREAS, in addition to the LOCAL Fund program, the Office of Financial Empowerment seeks to raise awareness and educate residents, community members, partners, and other stakeholders about alternative economic models; and
WHEREAS, the Office of Financial Empowerment will convene stakeholders and provide opportunities for residents, community members, partners, and various stakeholders to engage with and learn from one another; and
WHEREAS, educated and informed Saint Paul residents and communities will be in a better position to advocate for themselves and participate in opportunities to advance their economic health and welfare of their communities; and
WHEREAS, the Office of Financial Empowerment seeks to apply for a grant (the “Grant”) in the amount of $165,000 from the McKnight Foundation to support program operation costs for the shared ownership initiative, including but not limited to, costs associated with marketing and outreach, consulting and professional services, and programmatic costs; and
WHEREAS, pursuant to Saint Paul Legislative Code, Section 86.12(b)(1), the City Council must consent to the submission of any grant application and the use of grant funds, if received; and
WHEREAS, the Office of Financial Empower has applied for and received the Grant; a...
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