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RESOLUTION AUTHORIZING TRANSFER OF $14,507,890 AND ASSIGNMENT OF TWO CONTRACTS TO THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY FOR AFFORDABLE HOUSING, CHILDCARE, AND BLIGHT REDUCTION
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BY PRESIDENT RANDORF AND COUNCILORS SWENSON, NEPHEW, AND FORSMAN:
RESOLVED, that the proper city officials are hereby authorized to transfer $14,507,890 to the Duluth Economic Development Authority ("DEDA"), payable from fund 110-700-1450-5447 (General, Transfers and Other Functions, Transfers and Accruals, Payment to Other to fund additional affordable housing projects, aid in blight reduction, to create new housing and economic development opportunities, and support new childcare facilities
RESOLVED FURTHER, that the proper city officials are hereby authorized to enter into an agreement substantially in the form of attached Exhibit A between the city, Merge LLC, and DEDA, assigning all the city's rights and responsibilities under city contract no. 24450 to DEDA;
RESOLVED FURTHER, that the proper city officials are hereby authorized to enter into an agreement substantially in the form of attached Exhibit B between the city, Center City Housing Corp., and DEDA, assigning all the city's rights and responsibilities under city contract No. 24544 to DEDA.
RESOLVED FURTHER, that the council affirms the allocation of $3,857,143 to the Brae View project.
RESOLVED FURTHER, that "affordable" as used in this resolution is defined as 80 percent or below AMI (Area Median Income)
Statement of Purpose
The purpose of this resolution is to transfer existing contracts with Merge LLC and Center City Housing from the city to DEDA. In addition, this resolution authorizes the transfer of remaining ARPA funds allocated to affordable housing to DEDA to be used to fund additional affordable housing projects, support blight reduction, to create new housing and economic development opportunities, and support new childcare facilities. The transfer of funds as a whole creates a greater...
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