2009_0126_Packet - Laserfiche WebLink

Home

Department Approval l�'�, Jy REQUEST FOR COUNCIL ACTION Date: O1/26/2009 Item No.: 7.g City Manager Approval o � . .� Item Description: Adopt Resolution Allowing Submission of a DEED Redevelopment Grant for the Har Mar Apartments Project 1.O BACKGROUND 1.1. The Minnesota Department of Employment and Economic Development (DEED) is soliciting Redevelopment Grant proposals, and the deadline for funding requests is February 2, 2009. Eligible activities include land acquisition, demolition, interior abatement, infrastructure improvements, ponding, and environmental infrastructure. Aeon has requested that the City submit an application on its behalf for the Har Mar Apartments project. They are requesting $25,000 to assist with the construction of public sidewalks. A synopsis of Aeon's request is included as Attachment A. 2. O POLICY OBJECTIVE 2.1. Approving the submission of the Redevelopment Grant Application, the City is taking a proactive step to leverage external funds to assist Aeon's efforts to rehabilitate and stabilize the Har Mar Apartments. 3.O FINANCIAL IMPACTS 3.1. The Redevelopment Grant requires a 50 percent local match. Aeon will be responsible to provide the matching funds ($25,000). Upon receipt of the grant, a memorandum of understanding will be prepared that outlines Aeon's responsibilities, including its responsibility to provide matching funds. 4. O STAFF RECOMMENDATION 4.1 Staff recommends that the City Council adopt the resolution authorizing the submission of a DEED Redevelopment Grant for the construction of sidewalks adjacent to the Har Mar Apartments project. (See Attachment S: Draft Resolution.) 5. O REQUESTED COUNCIL ACTION 5.1 Sy resolution, allow the City to submit a grant application to DEED's Redevelopment Grant Program for construction of sidewalks adjacent to the Har Mar Apartments project. Prepared by: Jamie Radel, Economic Development Associate Attachments: A: Letter from Aeon and map depicting proposed project