Title
RESOLUTION OF APPLICATION AND ACCEPTANCE FOR THE 2016 WORKFORCE HOUSING GRANT FROM THE MINNESOTA DEPARTMENT OF EMPLOYEMENT AND ECONOMIC DEVELOPMENT.
Body
CITY PROPOSAL:
Resolved that the city of Duluth is acting as the legal sponsor for a 2016 Workforce Housing Grant from the Minnesota Department of Employment and Economic Development for a 72 rental housing development (aka Miller Hill Flats) to serve workforce income employees of businesses within the Duluth area.
Further resolved that the amount of this grant will be matched as per program requirements by the city of Duluth and St. Louis County with at least $1 for every $2 provided in grant funds. As per requirements of the grant, there will be no income restricted subsidies invested in this project.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is for the city of Duluth to apply and accept a grant from Minnesota's Department of Employment and Economic Development (DEED) Workforce Housing Development Program for a 72 rental unit development located adjacent to Miller Hill Manor. This application is to be submitted on or before January 15, 2016. The city of Duluth is working with the owner of the property, PLB Properties, who have the legal authority to apply for financial assistance, and the institutional, managerial and financial capacity to ensure adequate construction, operation, and maintenance and replacement of the proposed project for its design life. PLB Properties has not violated any federal, state, or local laws pertaining to fraud, bribery, graft, kickbacks, collusion, conflict of interest or other unlawful or corrupt practice.
As per the program requirements, the grant amount will be matched by city of Duluth and St. Louis County with at least $1 for every $2 provided in grant funds. The expected total development cost of the project is $13,119,135, of which the developer is investing $2,189,135 in funds and the developer has a bank loan c...
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