HomeMy WebLinkAbout18-12 - ADMIN Resolution - Economic Development Authority - 2018/08/06EDA Resolution No. 18-12
Resolution authorizing an application to the
Metropolitan Council Livable Communities Demonstration Account
on behalf of Bridgewater Bank
Whereas, the St. Louis Park Economic Development Authority ("EDA") is a participant in
the Livable Communities Act ("LCA") Housing Incentives Program for 2018 as determined by
the Metropolitan Council, and is therefore eligible to apply for Livable Communities
Demonstration Account (LCDA) funds; and
Whereas, the EDA has identified a proposed project within the city that meets the
Demonstration Account's purposes and criteria and is consistent with and promotes the
purposes of the Metropolitan Livable Communities Act and the policies of the Metropolitan
Council's adopted metropolitan development guide; and
Whereas, the EDA has the institutional, managerial and financial capability to ensure
adequate project administration; and
Whereas, the EDA certifies that it will comply with all applicable laws and regulations as
stated in the grant agreement; and
Whereas, the EDA acknowledges LCDA grants are intended to fund projects or project
components that can serve as models, examples or prototypes for development or
redevelopment elsewhere in the region, and therefore represents that the proposed project
or key components of the proposed project can be replicated in other metropolitan -area
communities; and
Whereas, only a limited amount of grant funding is available through the Metropolitan
Council's Livable Communities Demonstration Account during each funding cycle and the
Metropolitan Council has determined it is appropriate to allocate those scarce grant funds
only to eligible projects that would not occur without the availability of Demonstration
Account grant funding.
Now therefore be it resolved that, the St. Louis Park EDA authorizes its Executive
Director to submit an application for Metropolitan Council Livable Communities
Demonstration Account grant funds on behalf of Bridgewater Bank for the project
component(s) identified in the application, and to execute such agreements as may be
necessary to implement the project on behalf of the St. Louis Park EDA, where the project is
located.
No. 18-12
istration: Adopted by the Economic Development
Authority ugust 6, 2018
ig, xecutive Director St Ilfi , Pr de