Title
RESOLUTION AUTHORIZING THE PROPER CITY OFFICIALS TO ENTER INTO A GENERAL FUND APPROPRIATION BOND MASTER GRANT AGREEMENT WITH THE MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT (DEED) FOR THE DULUTH REGIONAL EXCHANGE DISTRICT PROJECT IN AN AMOUNT NOT TO EXCEED $97,720,000.00 AND FURTHER AUTHORIZING A FIRST AMENDMENT TO THE MASTER GRANT AGREEMENT.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into a general fund appropriation bond master agreement with the Minnesota department of employment and economic development (DEED) for the Duluth regional exchange district project, substantially the same as the attached Document A, accepting general fund appropriation bond proceeds in an amount not to exceed $97,720,000.00 to finance seven public infrastructure projects, said funds payable to city fund no.: 455-035-4220-01 (Regional Exchange District-Capital Projects Accounts-State of Minnesota Capital).
FURTHER RESOLVED, that the proper city officials are hereby authorized to enter into a first amendment to the master grant agreement, substantially the same as the attached Document B, extending the completion date from June 30, 2023, to December 31, 2024.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the execution of a general fund appropriation bond master grant agreement with the DEED to accept general fund appropriation bond proceeds in an amount not to exceed $97,720,000.00 for the Duluth regional exchange district project. This resolution also authorizes the execution of a first amendment to the master grant agreement which extends the completion date from June 30, 2023, to December 31, 2024.