Title
RESOLUTION AUTHORIZING A FIFTH 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 fifth 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 funding for the Duluth regional exchange district project no. 8, relating to site improvements made upon private property to support Medical Entity West hospital construction, in an amount not to exceed $4,101,022.51.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the execution of a fifth 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 funding for RED Project No.8 described as site improvements made upon private property (including retaining walls, public sidewalks, public stairs, and other related infrastructure) necessary to support construction of the Medical Entity West hospital, which site improvements are constructed pursuant to two development agreements with St. Mary’s Duluth Clinic Health System, in the amount of $4,101,022.51.