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RESOLUTION AUTHORIZING SUBRECIPIENT FUNDING AGREEMENT WITH INLAND DEVELOPMENT PARTNERS, LLC FOR THE CONTAMINATION CLEANUP OF LOT D IN THE AMOUNT OF $2,134,320
Body
RESOLVED, by the Duluth Economic Development Authority (“DEDA“) that the proper DEDA officials are hereby authorized to enter into a subrecipient funding agreement, substantially in the form of that attached hereto as Document A, with Inland Development Partners, LLC to act as the subrecipient of a contamination cleanup grant from the Minnesota Department of Employment and Economic Development, to perform contamination cleanup work for the Lot D Project in the amount of not to exceed $2,134,320 payable from Fund 860.
FURTHER RESOLVED, that DEDA is hereby authorized to grant to Inland Development Partners, LLC an amount of up to $150,000 payable from Fund 860, as required local match for the project, and to accept reimbursement from Inland Development Partners, LLC, which will be no less than the remaining local match.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize the execution of an agreement with Inland Development Partners, LLC to act as the subrecipient of the DEED Contamination Cleanup grant to perform contamination cleanup work on the Lot D Project site. Cleanup activities associated with this grant funding are focused on the excavation, export and disposal of contaminated soils and then backfilling with clean soils at Lot D, as well as environmental oversight and reporting. Inland Development Partners, LLC are proposing a multi-phased and mixed Use multifamily and hospitality redevelopment plan for Lot D for up to a total of 509 market rate multifamily apartments in two buildings, 333 units in the first phase and 176 units in the second phase. The redevelopment will also include a pad ready site for 189 hotel rooms in a standalone building.
Under the Agreement, Inland Development Partners, LLC will make the necessary reports to DEED and will partner with DEDA in developing plans for the redevelopment of the property. Inland Development Partners, LLC will also supply the required matching funds for the DEED grant of $561,440, and DEDA will contribute up to $150,000 of the required matching funds.