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Approving transferring funds from one Commercial Vitality Zone (Como-Front-Dale) to another Commercial Vitality Zone (Rice Street at Larpenteur Avenue) as part of the annual sales tax revenue Pay-Go Economic Development Fund in the amount of $229,125 and approving transferring excess sales tax of $108,325 to the Commercial Vitality Zone (Rice Street at Larpenteur Avenue).
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WHEREAS, the Commercial Vitality Zone program ("CVZ 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
WHEREAS, the purpose of the CVZ 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 CVZ 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, RES 15-1445 allocated 2016 Commercial Vitality Zone funds in the amount of $350,000 toward the Como-Front-Dale intersection; and
WHEREAS, RES 18-592 allocated 2018 Commercial Vitality Zone funds toward Rice Street at Larpenteur Avenue to receive $337,500 for implementation of capital projects, and that funding was subsequently reallocated to Public Works projects by RES PH 19-398; and
WHEREAS, the Como-Front-Dale intersection continues to have $229,125 in funds that are unallocated to projects, progress as explained in the attached Staff Report; and
WHEREAS, there is an excess sales tax balance of $108,325 as expla...
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