Title
RESOLUTION APPROVING DEDA RESOLUTION 24D-39 AUTHORIZING A GRANT AGREEMENT WITH THE 1200 FUND, INC. TO IMPLEMENT A STOREFRONT LOAN PROGRAM IN THE AMOUNT OF $500,000.
Body
CITY PROPOSAL:
RESOLVED: that pursuant to Resolution 10-0229, the city council herby approves Resolution 24D-39 of the Duluth Economic Development Authority (“DEDA”) authorizing a grant agreement with the 1200 Fund to implement a Storefront Loan Program in the amount of $500,000.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution approved DEDA’s agreement between 1200 Fund in the amount of $500,000. Pursuant to Resolution 10-0229 city council must approve DEDA expenditures over $500,000. DEDA Resolution no. 24D-39 and the agreement are attached hereto as Exhibit A.