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Authorizing the Department of Planning and Economic Development to apply for, accept, and amend the 2011 Budget for, an additional $25,000 grant from the Minnesota Department of Employment and Economic Development for the Accelerate MSP Program.
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WHEREAS, the mission statement of Accelerate MSP is to catalyze and accelerate regional economic growth by providing the expertise, assistance, and capital necessary to help transform innovative, high-potential opportunities into high-value start-ups and companies; and
WHEREAS, this initiative will pursue three goals, namely: (1) develop, fund and implement strategies to stimulate regional entrepreneurship and will partner with JumpStart Community Advisors and other regional stakeholders; (2) partner with the Brookings Institution to work with the Obama Administration to identify opportunities for reform in the way that the federal government invests in metropolitan areas; and (3) emphasize entrepreneurship among women, communities of color and immigrants; and
WHEREAS, by Council Resolution No. 11-551 the City Council approved the application for and acceptance of $175,000 of grants for this program; and
WHEREAS, City staff has identified another $25,000 grant ("Grant") from the Minnesota Department of Employment and Economic Development-Science and technology ("DEED") that is available to fund this program; and
WHEREAS, the City Council is being requested to authorize the Director of the Department of Planning and Economic Development to apply for the Grant; and
WHEREAS, upon the approval and issuance of the Grant the City Council is being requested to authorize the acceptance of the Grant; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, upon approval and issuance of the Grant, does hereby certify that $25,000.00 in funds are available for appropriation in excess of those estimated in the 2011 budget and recommends the changes to the 2011 budget identified on Attachment A: and
NOW THEREFORE, BE IT RESOLVED, that the City Council of Saint Paul hereby authorizes the application for and, upon issuance of the Grant by DEED, acceptance of the Grant and approves the changes identified on Attachment A to the 2011 budget; and
BE IT FURTHER RESOLVED, that the Director of the Department of Planning and Economic Development is hereby authorized and directed to execute all documents, agreements and instruments necessary to apply for and accept the Grant and subgrant the funds to JumpStart Community Advisors, and to take all action necessary to implement this Resolution.