Title
RESOLUTION AUTHORIZING A SEVENTH AMENDMENT TO GENERAL FUND APPROPRIATION BOND MASTER GRANT AGREEMENT WITH THE MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT (DEED) FOR THE DULUTH REGIONAL EXCHANGE DISTRICT PROJECT.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into a seventh amendment to general fund appropriation bond master agreement with the Minnesota department of employment and economic development, substantially the same as the form attached as Exhibit 1, for the release of funds in the amount of $198,977.49 for the Duluth regional exchange district project no. 8, relating to site improvements made upon private property.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a seventh amendment to the general fund appropriation bond master grant agreement (Grant Agreement) with the Minnesota department of employment and economic development (DEED) for the Duluth regional exchange district (RED) to release additional funds in the amount $198,977.49 for RED Project No. 8 (Project 8). Project 8 is described as "site improvements made upon private property and within the public realm, including retaining walls, public sidewalks, public stairs, and other related infrastructure, necessary to support medical entity west hospital construction."
The fifth amendment to the Grant Agreement (authorized under Resolution No. 24-0616) allowed for the use of $4,101,022.51 toward Project 8, which amount equaled the total amount in the two development agreements between the City and Essentia for Project 8. However, the legislation allocated $4,300,000 toward Project 8, and Essentia's actual costs exceeded $4,300,000. The State required the City to amend the two development agreements to increase the total amount to equal the amount allocated in the legislation before it would release the entire $4,300,000. Now that the amendments to the development agreements with Essentia have...
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