Title
Allocating $1,375,000 of the $9,500,000 streets and public spaces improvements funding of the 8-80 Vitality Fund to four projects, and establishing a capital project and spending budget for the Snelling Avenue Streetscape Project being administered and constructed by Mn/DOT and that requires a City cost share based on the location and types of improvements being made.
Body
WHEREAS, on September 24, 2014, the City Council adopted RES 14-1646 preliminarily approving the 2014 Bond Sale and on October 22nd adopted RES 14-1854 authorizing the issuance and negotiated sale of the 2014F and 2014G Sales Tax Revenue Bonds which closed on December 9, 2014; and
WHEREAS, the proceeds derived from the sale of the Series 2014F and 2014G Sales Tax Revenue Bonds
are to be expended for capital projects to further residential, cultural, commercial, and economic development in both downtown Saint Paul and Saint Paul neighborhoods and payment of the costs of issuing the 2014F and 2014G Bonds, including any underwriters' compensation; and
WHEREAS, $40,000,000 in sales tax revenue bond proceeds and $2,500,000 in street maintenance
assessments will be used for the creation of the 8-80 Vitality Fund; and
WHEREAS, on December 17, 2014, the City Council adopted RES PH 14-343, allocating to the 8-80 Vitality Fund: $8,000,000 for Palace Theater Renovations, $8,000,000 for Jackson Street reconstruction and beginning the construction of the Downtown Bike Loop, $13,200,000 for the Grand Round investment, $2,000,000 for Dickerman Park development, $1,800,000 for optical fiber infrastructure, and $9,500,000 for streets and public spaces improvements; and
WHEREAS, the $9,500,000 for streets and public spaces in the 8-80 Vitality Fund was referenced with a list of projects, noted in a memo to Council Members from Jonathan Sage-Martinson, Director of Planning and Economic Development, dated October 8, 2014; and
WHEREAS, four of the streets and public spaces improvements...
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