HomeMy WebLinkAbout08-14 - ADMIN Resolution - Economic Development Authority - 2008/10/20EDA RESOLUTION NO. 08-14
RESOLUTION AUTHORIZING APPLICATION FOR THE
METROPOLITAN COUNCIL TAX BASE REVITALIZATION ACCOUNT
ON BEHALF OF REAL ESTATE RECYCLING
WHEREAS, the City of St. Louis Park is a participant in the Livable Communities Acts Housing
Incentives Program for 2008 as determined by the Metropolitan Council, and is therefore eligible to
make application for funds under the Tax Base Revitalization Account; and
WHEREAS, the City of St. Louis Park Economic Development Authority has identified a
contamination clean-up project within the City that meets the Tax Base Revitalization account's
purposes and criteria; and
WHEREAS, the City of St. Louis Park Economic Development Authority has the institutional,
managerial and financial capability to ensure adequate project administration; and
WHEREAS, the City of St. Louis Park Economic Development Authority certifies that it will
comply with all applicable laws and regulations as stated in the contract grant agreements; and
WHEREAS, the City of St. Louis Park Economic Development Authority finds that the required
contamination cleanup will not occur through private or other public investment within the
reasonably foreseeable future without Tax Base Revitalization Account grant funding; and
WHEREAS, the City of St. Louis Park Economic Development Authority represents that it has
undertaken reasonable good faith efforts to procure funding for the activities for which Livable
Communities Act Tax Base Revitalization Account funding is sought but was not able to find or
secure from other sources funding that is necessary for cleanup completion and states that this
representation is based on the following reasons and supporting facts:
• The Authority has provided an additional $115,000 of TIF to cover project costs
• The Authority has applied for an additional $40,000 from Hennepin County and DEED to
cover cleanup costs
■ An additional $50,000 is needed from the Metropolitan Council to cover final cleanup costs
NOW, THEREFORE, BE IT RESOLVED that, if the City of St. Louis Park Economic
Development Authority is awarded a Tax Base Revitalization Account grant for this project, the City
of St. Louis Park Economic Development Authority acknowledges it will be the grantee and agrees
to act as legal sponsor administrator and be responsible for grant funds expended for the project
contained in the Tax Base Revitalization Account grant application submitted on November 1,
2008;
EDA Resolution No. 08-14 -2-
BE IT FURTHER RESOLVED that the President and Executive Director are hereby authorized to
apply to the Metropolitan Council for a Tax Base Revitalization Account grant on behalf of the St.
is Park Economic Development Authority and to execute such agreements as are necessary to
i ple ent the project on behalf of the applicant,
Attest
for Administration: Adopted by the Economic Development Authority
k October 20, 2008
ii . �iII�
President