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File #: RES 20-1285    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 9/23/2020
Title: 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).
Sponsors: Amy Brendmoen
Attachments: 1. Staff Report, 2. Financial Analysis
Related files: RES PH 19-398, RES 18-592, RES 15-1445
Title
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).

Body
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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Date NameDistrictOpinionCommentAction
9/18/2020 3:23 PMMarijo Schwiderski Against I entered a comment. It disappeared. I don't know what's going on here, but I asked council members to PLEASE vote against transferring funds from the COMO/DALE/FRONT revitalize funds to LARPENTEUR/RICE area. We haven't seen or heard of any effort to use any funds in the area. Please don't let Amy B. Push this through when funds were earmarked for that much deserved area. Thank you for pausing this vote.
9/18/2020 3:12 PMMarijo Schwideski Against I ask each council person to PLEASE deny approval of transferring of funds from COMO/DALE/FRONT improvement to LARPENTEUR/RICE. The COMO/DALE/FRONT intersections need some kind of sincere improvement effort by council members and resent Amy B. from pushing this through. This commercial corner deserves help for revitalization.