Title
RESOLUTION AUTHORIZING A REQUEST FOR A BUDGET REVISION FOR THE REGIONAL EXCHANGE DISTRICT TO THE STATE OF MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT.
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CITY PROPOSAL:
WHEREAS, Minnesota Laws 2019, 1st Special Session, Chapter 6, Article 10, as amended from time to time, created the Regional Exchange District ("RED") and funded eight public infrastructure projects through appropriation bond proceeds (the "Legislation");
WHEREAS, the Legislation provides a description of each of the eight public infrastructure projects, as well as maximum amounts to be paid toward each project;
WHEREAS, the Legislation also provides that, upon notice to the state of Minnesota commissioner of employment and economic development ("DEED"), any unexpended amount in Projects 1-4 and 8 that have been substantially completed may fund project 5;
WHEREAS, Project 5 costs have exceeded the maximum amount specified in the Legislation;
WHEREAS, Project 1 is fully completed and Project 3 is substantially completed and both projects have unexpended amounts that the City desires to apply to Project 5;
WHEREAS, in order to apply unexpended amounts from Projects 1 and 3 to Project 5, DEED has requested that the city complete the budget revision, substantially in the form of the attached Exhibit 1, and the city council approve the budget revision request through a resolution.
NOW, THEREFORE, BE IT RESOLVED, that the Duluth city council hereby approves the budget revision, substantially in the form attached as Exhibit 1, and requests to DEED that the unexpended amounts for Projects 1 and 3 stated in Exhibit 1 are applied to Project 5 costs.
FURTHER RESOLVED, that the proper city officials are hereby authorized to execute any additional documents required by DEED to effectuate the application of unexpended funds from Projects 1 and 3 to Project 5.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of thi...
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