Laserfiche WebLink
� <br />� <br />� <br />� <br />� <br />� <br />� <br />� <br />1 L� <br />]? <br />Regular City Council Meeting <br />Monday, February 12,2007 <br />Page 25 <br />Source T" elEnd Dates Amount <br />Metropolitan Council Tax Base Revitalization Ac- $692,200 <br />count I December 31,2007 <br />Metropolitan Council Tax Base Revitalization Ac- <br />count l June 30,2008 $350,000 <br />DEED ContaminationCleanupPro- $1,300,000 <br />gram l June 30,2008 and June <br />30, 20�9 <br />1� Ms. Radel reviewed timelines and the scope of the project; specificities and <br />l� ranking criteria used by agencies for merits of submitted applications. Ms. <br />1� Radel noted the competitive nature of grants; projected number of new jobs; <br />1� increased tax base; and number of new market-rate and affordable housing <br />1 � units. <br />17 <br />�� With the demise of the project, Ms. Radel provided four options for Council <br />19 consideration for the grant monies, and as presented during staffs meeting <br />��� with the granting agencies: <br />� 1 1) Requesting that funds be redirected to a different area of the site where <br />�� near-term development is anticipated; <br />�� 2) Requesting an extension to the terms of the grants to allow the City to <br />�4 <br />�5 <br />�� <br />�� <br />� �3 <br />�� <br />;�� <br />37 <br />�� <br />�� <br />negotiate new development agreements; <br />3) Seeking agency approval to amend the scope of the grant, reducing both <br />the area to be cleaned up and the amount of funding to be paid; and <br />4) Relinquishing the grant awards and submitting a new application during a <br />future funding cycle at such time as the City has firm commitments for <br />redevelopment. <br />Staff recommended it was in the City's best interest for the City Council to <br />relinquish the grant funds back to the Metropolitan Council and DEED. <br />�4 Discussion included ongoing property contamination and imminent clean up <br />�� costs; pledged matching funds from the City through tax increment financ- <br />3�� ing funds and bond securities; goals of the Metropolitan Council and DEED <br />:�� for job creation; lack of a viable project at this time; and the need to retain a <br />��3 good faith relationship with both agencies for future grant application con- <br />�9 siderations. <br />