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Approving and allocating the 2017 funding recommendations for Capital Project Investments in the amount of $750,000 from the annual sales tax revenue Pay-Go Economic Development Fund budgeted to the Commercial Vitality Zone Program, and a swap of $100,000 from the HRA loan fund for 2016 and 2017 CVZ pre-development funding.
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WHEREAS, the Commercial Vitality Zone program ("Program") is an economic development program funded by an annual sales tax revenue account from the City of Saint Paul's ½ cent local sales tax, known as Sales Tax Revitalization or “STAR”; and the funding available for the Program in 2017 is $750,000 for eligible economic development activities; and
WHEREAS, the purpose of the Program is to utilize a catalytic and flexible approach to commercial revitalization throughout the city by investing in neighborhood commercial districts that have assets with potential, organizations and small businesses with capacity, and community-developed plans; and
WHEREAS, the goal of the Program is to invest in catalytic zones where: 1) other investments can be leveraged; 2) there is an existing economic development strategy; 3) equity can be promoted by targeting Racially Concentrated Areas of Poverty; 4) identified feasible and visible projects exists; and 5) those projects have the potential to meet expected outcomes of the program around vitality, growth and equity; and
WHEREAS, City staff recommends investments in the Commercial Vitality Zones in 2017 as follows: 1) District del Sol to receive $312,500 for implementation of capital projects; and 2) Central Selby Ave from Lexington Pkwy to Dale St to receive $312,500 in implementation of capital projects; and 3) Rice St at Larpenteur to receive $50,000 for pre-development planning, as outlined in the attached “Commercial Vitality Zone - 2017 Funding Recommendations” ("Staff Report"); and the balance of the 2017 allocation of $75,000 is to be used for eligible city staff costs associated wit...
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