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Regular City Council Meeting Monday, February 12, 2007 Page 25 of 30 Source Type/End Dates Amount Metropolitan Council Tax Base Revitalization Ac- $692,200 count / December 31, 2007 Metropolitan Council Tax Base Revitalization Ac- count / June 30, 2008 $350,000 DEED Contamination Cleanup Pro- $1,300,000 gram / June 30, 2008 and June 30,2009 Ms. Radel reviewed timelines and the scope of the project; specificities and ranking criteria used by agencies for merits of submitted applications. Ms. Radel noted the competitive nature of grants; projected number of new jobs; increased tax base; and number of new market-rate and affordable housing uni ts. With the demise of the project, Ms. Radel provided four options for Council consideration for the grant monies, and as presented during staffs meeting with the granting agencies: 1) Requesting that funds be redirected to a different area of the site where near-term development is anticipated; 2) Requesting an extension to the terms of the grants to allow the City to negotiate new development agreements; 3) Seeking agency approval to amend the scope of the grant, reducing both the area to be cleaned up and the amount of funding to be paid; and 4) Relinquishing the grant awards and submitting a new application during a future funding cycle at such time as the City has firm commitments for redevelopment. Staff recommended it was in the City's best interest for the City Council to relinquish the grant funds back to the Metropolitan Council and DEED. Discussion included ongoing property contamination and imminent clean up costs; pledged matching funds from the City through tax increment financ- ing funds and bond securities; goals of the Metropolitan Council and DEED for job creation; lack of a viable project at this time; and the need to retain a good faith relationship with both agencies for future grant application con- siderations.