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94-1306 j 1 " \ c 1\c)0 Council File # — /304 9 d)g551— Green Sheet # ,RESOLUTION CITY OF SAINT PAUL, MINNESOTA 8► Presented By Referred To Committee: Date ECONOMIC DEVELOPMENT INITIATIVE AND SECTION 108 LOAN GUARANTEE PROGRAM AUTHORIZATION 1 WHEREAS, as an entitlement unit Hof general local government, the City of Saint Paul is 2 eligible to apply for Economic Developnlent Initiative (EDI) grant funds and Section 108 Loan 3 Program funds from the U.S. Department of Housing and Urban Development (HUD) for the 4 purpose of providing financing for economic development projects; and 5 6 WHEREAS, in order to receive an EDI grant, the City is required to submit to HUD an 7 application describing the intended EDI activities no later than September 16, 1994; and 8 9 WHEREAS, approval of the EDI a Dplication requires that the City request loan guarantee 10 assistance under the Section 108 Loan ,Guarantee Program which provides communities with a 11 flexible, low interest source of financing tfor community and economic development activities; and 12 13 WHEREAS, these programs will provide the city with additional economic development 14 resources and opportunities for businegs revitalization; now, therefore be it 15 16 RESOLVED, that Mayor Norm Cdeman, as Chief Executive Officer of the City of Saint Paul, 17 is hereby authorized and directed to submit an application for the Economic Development 18 Initiative grant funds and Section 108 Loan Program funds to the U.S. Department of Housing and 19 Development in such form as describec, by the regulations of said Department; and be it 20 Page 1 of 2 21 c?ii--is©a 22 23 24 FURTHER RESOLVED, that the Mayor or his designated representative, the Director of the 25 Department of Planning and Economi• Development, is further authorized to submit to HUD any 26 assurances, certifications, technical ch : nges or additional information that may be required by 27 said Department during the review of t e EDI and Section 108 Loan application; and be it 28 29 fINALk -RESOLVEDr4liat- : _ c • • : ' 0 p-of-a oyaF-ef Dl-aFld -Sect 1-08 -Leaft- 30 dpplivaliur 1, rcii daeshereby - • ' - - tire - proper - city- officiats exectite yr dr i I - andloan - 31 greemer -between+II}D-anel e— - Q - Paul -f the- expenelittrre -of- Eft+- efld -Seeti 108 32 toan tangy FINALLY RESOLVED, that upon n. ification of approval of the EDI and Section 108 Loan application, the Council will revi =, program guidelines and decide at that time whether to authorize the proper city official - to execute a grant and loan agreement between HUD and the City of Saint Paul for the -xpenditure of EDI and Section 108 Loan funds. Yeas Nays Assent Requested by Department of: Blakey ✓ Grimm ✓ Planning & Economic De - opment Guerin t /' / Harris .� (� Megard ✓'# By: 41.0‘...m - -iii V Rettman '' Thune 9 0 Form Approved by Ci Attorney Adopted by Council: Date \II y I ` By: 4 Adoption Certified by Council Secreuary Approve4 b ., for Su ission to By: ` .. _.. '- - - �.. •. Counci Approved f i yo� . In ► 'te J By ;�' fie i -e By: i�: VV �i�Zt:. - Page 2 of 2 DEPARTMENTA FILE COUNCIL DA 'E INITIATED N° ° 2 9 5 a 2 + t � { a t of Plat ni.ng & Economic D 8 , 4 GREEN S D EET e R & PHONE DIRECTOR % CITY COUNCIL — { • Joan T sen 266-6694 x MBERFOR 11, CITY ATTORNEY , s Ill , so Ej CITY CLERK 1 1 MUST COUNCIL AGENDA BY (DATE) R_yrr . BUDGET DIRECTOR 1 El FIN. & MGT. SERVICES DIR. 5 rF dt 7 0—Dee 4 MAYOR (OR ASSISTANT) TOTAL #E OF SIGNATURE RAGES (GLPALL LOCATION$ FOR lIATUREet to G rants Managemen ACTION REQUESTED: I - 1400 CHA KtUti®tL1 Authorization to apply to HUD for ec(nomic development funds. AU6 29 1994 RECOtMyfENDATIONS Approve (A) a Relent (R) ERSONAL SERVICE CONTRACTS MUST WER THE FOLLt RCE PLANNING COMMISSION _ CMIL SERVICE COMMISSION Has this person/fem ever worked Under 8 for thie department? _ CM COMMITTEE YES NO STAFF YE Was thin pe t »tltfrnl been a City 9 ? DISTRICT COURT . Does this personlfirm NO possess a skill not by any current qty employee? SUPPORTS WHICH COUNCIL OBJECTIVE? YES NO 1 xplaln aH yes answers on sopsrab shoot attach to green shoot INITIATING PROBLEM. ISSUE, OPM RTUNITY (Who, What. When, Where, WhI , This is an opportunity to apply for and implement funding available through the Department of Housing and'Urban DeveLapment for the Economic Development Initiative (EDI) and Section 108 Loan Guarantee )rograms. Guidelines allow application for 15% of the City's Section 108 Loan Program. City received notification of funds aailable and guidelines on August 22, 1994. A Appp tl n r funds -is due to HUD o1 Septemher 16, 1994. IF APPR Loan and grant funds' will be availabi ►. for economic developmen activities for City of Saint Paul businesses RECEIVED DISADVANTAGES IF APPROVED: A t 1 G 2 G 1994 CITY ATTOR N E None f DISADVANTAGES IF NOT APPROVED: { Loan and grant funds will not be available to businesses. Amount of grant application estimate Beni $ 150, COO — 75 6 C) COST/REVENUE BUDGETED (CIRCLE ONE) YES NO 1, FUNDIWG SOURCE ACTIVITY NUMBER FINANCIAL INFORMATION: (EXPLAIN)