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3.3 Based upon the review of other applications in the nation it was determined that Ramsey County, on behalf of the City or Roseville, could apply for $1.5 million in BED1 funds. 3.4 The goal of the BED1 funds is to assist cities redevelop abandoned, idled, or underutilized industrial and commercial property where redevelopment is complicated by environmental contamination. Many of the sites in the Twin Lakes area are contaminated which severely complicates and increases the price of redevelopment. 3.5 The BED1 funds cannot be received without a commitment to apply for HUD 1081oan funds. Upon notification of award of the grants, the City must commit to a HUD 1081oan, through Ramsey County, within 60 days. It is not expected that an award for the BED1 will be until sometime in August, 2000. Staff will provide additional information to the Council regarding the commitments for a HUD loan through the summer months. If the Council chooses not to apply for the HUD loan there is no obligation to accept the BED1 grant dollars. 3.6 Projects that are eligible must meet the HUD federal objective to increase economic opportunity for persons of low-and-moderate-income and provide economic revitalization in connection with brownfields. Redevelopment within the Twin Lakes area can meet these objectives with the addition of a hotel, daycare and fitness center. These types of services will provide a magnet for the remaining redevelopment in Twin Lakes for high tech office and medical users. 4.0 STAFF RECOI�II�IENDATION 4.1 Staff recommends that the Council support the Ramsey County application, on behalf of the City of Roseville, for HUD BED1 funds in the amount of $1.5 million for the redevelopment in Twin Lakes to add a hotel, daycare and fit,�ess center. 4.2 If the funds are awarded, the Council will receive additional information regarding theHLJD 108 loan program and final approval of the BED1 grant. 5.0 SUGGESTED CITY COUNCIL ACTION: � 5.1 By Resolution, support Ramsey County, on behalf of the City of Roseville, in making an application for the United States Department of Housing & Urban Development (HUD) Brownfield Economic Development Initiative (BEDI) grant for the Twin Lakes Redevelopment Area. 5.2 It is understood that the Council and staff will again review details and HUD responsibilities the City must accept regarding the proposed project and the City's obligations in connection with the BED1 and HUD 108 Loan program prior to making a final commitment to accept the BED1 grant. Attachments: Draft Resolution Prepared by. Cathy Bennett (490-2241) RCA HUD BED 1 Grant (5/22/00) - Page 2 of 2