268775 WHITE — CITV CLERK �
PINK — FINANCE COUIICII � ��� �a
CANARV — DEPARTMENT GITY OF SAINT P�UL 1 �
BLUE — MAVOR - Flle NO.
ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEREAS, the City of St. Paul entered into an Agreement
with HELP ENCOURAGE LOCAL PROGRESS IN THE SITNIl�iIT-UNIVERSITY
AREA� INC. (HELP), which pertained to the Model Cities Project
entitled Local Development Corporation; and
WHEREAS, this contract provided for contribution by the
City of Model Cities funds in an amount not to exceed One
Hundred Eighty Seven Thousand Four Hundred Ten Dollars and
Ninety-one cents ($187,410.91) to be used by HELP to make loans,
reinvest the repaid loan proceeds and pay administrative costs
out of the interest earned on these loans; and
WHER�AS, it has become necessary for HELP to utilize the
loan proceeds as well as the interest in order to meet their
administrative expenses; now, therefore, be it
RESOLVED, by the Council of the City of St. Paul tha.t the
portion of the contract which requires HELP to use only the
interest for administrative costs is hereby waived and the proper
City officials are directed to prepare an amendment to the con-
tract which will allow HELP to use the loan proceeds as we1.1 as
the interest to pay administrative costs.
, COU(VCILMEN
Yeas Nays Requested by Department of:
Butler
Hozza [n Favor
Hunt
Levine _ Against BY
Roedler
Sylvester
Tedesco MAR � 7 197T
Form pr ed by City+ Attorney
Adopted by Council: Date '
Cer � ied Pa ssd by Co c�Secretary
g y, ���
Appr ve by A7ayor: Dat
� 2�� ��n_ Approved by Mayor Eor Submission to Council
By BY
��QUSt�€s MAR 2 6 1977