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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 explained in the attached Staff Report that will be allocated to CVZ (Rice Street and Larpenteur Avenue); and
WHEREAS, capital investment projects have been identified at Rice Street at Larpenteur Avenue that require additional funding, as described in the attached Staff Report; 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 authority to approve the specific project budgets for implementation projects and pre-development planning in the zones described above; and
NOW, THEREFORE, BE IT RESOLVED, that the Saint Paul City Council hereby allocates the $229,125 of unused funds from Como-Front-Dale intersection to Rice Street at Larpenteur Avenue for implementation funds for capital projects; and
BE IT FURTHER RESOLVED, that the Saint Paul City Council hereby allocates the $108,325 in excess sales tax to the CVZ for Rice Street and Larpenteur; and
BE IT FURTHER RESOLVED, that the PED Director, City staff, and the City Attorney Office are hereby authorized and directed to take all actions necessary to implement this Resolution, and the PED Director and Director of the Office of Financial Services are authorized and directed to execute all agreements, documents and instruments related to the implementation of this Resolution; and
BE IT FURTHER RESOLVED, by the Saint Paul City Council, upon recommendation of the Mayor, that the 2016 and 2018 budgets, as heretofore adopted and amended by this Council, be hereby further amended as specified in the attached Staff Report and Financial Analysis.