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Amending the financing and spending plans in the Lowertown Ballpark Project in the amount of $1,712,022; authorizing the Department of Parks and Recreation to accept grants in the amount of $3,476,750; and amending the amount of the City's internal loan to the project to reflect the grants awarded and other financing sources identified.
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WHEREAS, on July 18, 2012 the Saint Paul City Council approved RES PH 12-213, attached as Exhibit A, establishing a $54,000,000 budget for the Lowertown Ballpark Project ("ballpark project"); and
WHEREAS, unexpected site conditions required additional expenses to the ballpark project that were not anticipated in the original budget and on July 24, 2013 the Saint Paul City Council approved RES PH 13-184, attached as Exhibit B, to increase the budget to $63,000,000 to cover these unanticipated expenses; and
WHEREAS, the increased budget was funded by City contributions of $2,000,000, contributions from the Saints of $1,000,000 and a $6,000,000 internal loan, which was expected to be reduced by external funding sources, including grants; and
WHEREAS, construction of the ballpark is currently anticipated to be completed on time and the project remains within the amended $63,000,000 budget; and
WHEREAS, the City has identified financing sources to reduce the amount of the previously authorized internal loan by $4,796,000 from $6,000,000 to $1,204,000 as detailed in Exhibit C; and
WHEREAS, the City will commit an additional $1,300,000 to the project from the City's Sport Facility Funding from the State of Minnesota, reducing the amount of the internal loan; and
WHEREAS, the Saint Paul Parks and Recreation Department has received a $1,000,000 grant from the State of Minnesota Department of Employment and Economic Development Clean up Grant program, a $748,100 grant from the Metropolitan Council Tax Base Revitalization Account, and a $747,900 grant from the Ramsey County Environmental Response fund to provide assi...
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