02-586ORIGINAL
Presented By
Green Sheet # ��� ° �-L \
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Referred To
Council File # ��- — 5g�
Resolution #
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
3b
Committee: Date
RESOLUTION APPROVING A NEIGHBORHOOD STAR LOAN
FOR CULVER'S RESTAURANT DISTRICT 1
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8 WHEREAS, On June 5, 2002, the Neighborhood STAR Board reviewed a request for
9 a loan for the construction of a new Culver's restaurant, to Sun Ray Center for assistance
lo through the Neighborhood STAR Year Round Program; and
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12 WHEREAS, the STAR funds will be matched on at least a one to one basis, and will be
13 used to construct a new Culver's with a total project cost of $2,359,500; and
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15 WHEREAS, the PED Credit Committee has reviewed the proposal, and the
16 Neighborhood STAR Board has recommended up to a$250,000 STAR Loan for the project,
17 and has further recommended approval by the Mayor and City Council;
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19 NOW THEREFORE BE IT RESOLVED, that upon the recommendation of the
2o Mayor, and with the advice of the Neighbarhood STAR Board, the Council of the City of
21 Saint Paul does hereby approve a STAR. Year Round loan in the amount of up to $250,000
22 for the Culver's Restaurant Project;
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AND BE IT FURTHER RESOLVED, that the STAR Budget Financing and Spending
Plan be amended as identified below:
Fund 930 City Sales Tax Capital Projects Fund
P7-930-90305-0547-77160
Neighborhood STAR Year-Round Projects
P7-930-90305-0547-77582
Culver's
Net Change
Requested by Department of:
�
Adopted by Council:
Adoption Certified
Sy: �
Approved by Mayor
By:
Date ���,�pa r
l
bv Council Sec tarv �
Amended
Bud�et
473,046.69
250,000
Plannina & Economic Development
By : ��-,
,App�rove . ' es
1 11
Chan e
(250,000)
250,000
0.00
for
by the Office
By:
Current
Bud�et
723,046.69
��`
Form Approved by C' Attorney
� BY �
n
��
Services
DEPARTMENT/OFFICE/COUNCII.: DATE INITIATED GREEN SHEET No.• 110261
� PED 6.14.02 ' 8 a, - � �
CONTACT PERSON & YHONE: Il�T17AI/DATE INiTInLmA'1'E
7eremy I,enz 6.6603 � 1 D�enxTn�T Dm. � s crrY covxcu.
- MUST BE ON COUNCII, AGENDA BY (DATE) �IGN 3 CTfY ATTORNEY� CTTY CLERK
June26 2002 ? ���-s�vnm. 6 FINANCIAL.SERV/ACCTG
xuam�x
. � gpg 4 MAYOR(ORASST.) _CIVII.SERVICECObIMISSION
ROUTING P� ACCOUNTING
ORDER
TOTAL # OF SIGNATURE PAGES _(CLIP ALL LOCATIONS FOR SIGNATURE)
ncnox xEQuES�v: Budget amendment
� RECOMMENDAITONS: Approve (A) or Rejec[ (R)
. @�ANS:
PI.ANNING COMMiiSSION . .
CIB COMMITTEE �
CIVII, SERVICE CObIMISSION . .
-=i�—rie
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4. INTTIATING PROBLEM, ISSiJE, OPPORTfJNTTY (Who, Wltat, When, Where, Why):
Budget amendment to the Neighborhood STAR Year-Round account for a$250,000 loan to Culver's restaurant.
ADVANTAGES IF APPROVED:
Staffwill be able to process loan with Culver's that was approved by the Neighborhood STAR Board.
. _ . DISADVANTAGES IF APPROVED:
None. ���;�����
JUN 1_ � L4:�;�
DISADVANTAGESIFNOTAPPROVED: ��� y � ������
!;�: Project would not go forwazd. � �
,<
� TOTAI. AMOiJNT OF TRANSACI'ION: $ 250,000.00 COST/REVEN[JE BUDGEI'ED: Yes
FIJNDING SOURCE: Neighborhood Star Year-Round ACTIVII'Y NfJMBER: P7-930-90305-0547-77160 ($25Q000)
' P7-930-90305-0547-77582 $250,000
� Net Change 0.00
FINANCIAI. INFORMATiON: (EXPLAIN) -
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