Title
Approving and allocating the 2018 funding recommendations for capital project investments from the annual sales tax revenue Pay-Go Economic Development Fund budgeted to the Commercial Vitality Zone Program in the amount of $750,000.
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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 2018 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 Areas of Concentrated 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 2018 as follows: 1) Rice Street at Larpenteur Avenue to receive $337,500 for implementation of capital projects; and 2) Rice Street from University to Pennsylvania Avenues to receive $337,500, as outlined in the attached “Commercial Vitality Zone - 2018 Funding Recommendations” ("Staff Report"); and the balance of the 2018 allocation of $75,000 is to be used for eligible city staff costs associated with managing program investments; and
WHEREAS, the City Council desires to delegate to the Director of the City of Saint Paul's Department of Planning and Economic Development ("PED Director") the au...
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