Laserfiche WebLink
REQUEST FOR ACTION <br />TO ITEM NUMBER <br />Ma or and Ci Council 7.2 <br />AGENDA SECTION MEETING DATE PREPARED BY <br />General Business February 6, 2012 Annie Deckert, Director of Economic <br /> Develo ment <br />ITEM DESCRIPTION REVIEWED By <br />Resolution Supporting an Application for a Minnesota Cal Portner, Ci Adminis_trator <br />Department of Employment and Economic Development REVIEWED BY <br />(MNDEED) Business Development Public Infrastructure <br />DP Grant <br />ACTION REQUESTED <br />Adopt the attached resolution supporting the submission of a Minnesota Department of Employment <br />and Economic Development's (MNDEED) Business Development Public Infrastructure (BDPI) grant <br />application. <br />BACKGROUND/DISCUSSION <br />In the spring of 2010, the City Council approved a phased development plan for the 1715` Focused Area <br />Study development. The development plan outlined infrastructure improvements necessary to make the <br />land developable. At their December 12, 2011, work session, the Council directed staff to move forward <br />with the phased development project and utilize $350,000 from the city's development fund. <br />Staff has identified a potential grant opportunity to help offset the costs for the project. The MNDEED <br />BDPI grant helps stimulate new economic development, create new jobs, and retain existing jobs through <br />investments in public infrastructure. It provides grants to cities of up to 50% of the capital costs of the <br />public infrastructure necessary to expand or retain jobs in the area, increase the tax base, or expand or <br />create new economic development. While there currently is not an economic development project ready <br />for this site (grant eligibility requirement), staff feels this project will result in a competitive grant <br />application. <br />Staff has completed an application for the BDPI Grant requesting $250,000 (maximum request) for the <br />project, which is required to be matched by the city. The city can use the dollars committed from the <br />city's development fund as a match for the project. The attached resolution must be adopted in order to <br />submit the grant application. <br />FINANCIAL IMPACT <br />The city is required to match the $250,000 grant and will use funds already committed by the city's <br />development fund. No additional funds will be needed for the match. <br />ATTACHMENTS <br />^ Resolution <br />I'rwEatl- er <br />A <br />