Title
RESOLUTION AUTHORIZING AN AMENDED AND RESTATED FUNDING AGREEMENT WITH ST. LOUIS COUNTY HOUSING AND REDEVELOPMENT AUTHORITY, THE HOUSING AND REDEVELOPMENT AUTHORITY OF DULUTH, MINNESOTA, CENTER CITY HOUSING CORP. AND ONE ROOF COMMUNITY HOUSING WHEREBY THE CITY WILL PROVIDE $200,000 IN REPLACEMENT FUNDING FOR THE GATEWAY PROJECT. (REPLACEMENT)
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into an Amended and Restated Funding Agreement, substantially in the form of that attached hereto as Exhibit A, with the St. Louis County Housing and Redevelopment Authority (the "County"), the Housing and Redevelopment Authority of Duluth, Minnesota (the "HRA"), Center City Housing Corp. ("Center City") and One Roof Community Housing ("One Roof") pursuant to which the HRA and the County agree to contribute $280,462 and $100,000 respectively, to the Gateway Project as replacement funds, payable into Fund 262-CDBG, the City agrees to contribute $200,000 in Community Development Block Grant funds to the Gateway Project as replacement funds, payable from Fund 262-CDBG, and Center City and One Roof agree to contribute equally up to $67,000 apiece to the Gateway Project as replacement funds, and further settling forth how funds are to be reimbursed in the event and to the extent that the City receives funds from HUD for the Gateway Project under a Lead-Based Paint Hazard Control Program Grant Agreement ("Grant Agreement").
Statement of Purpose
STATEMENT OF PURPOSE: The Gateway Tower renovation project is slated to be completed this fall and construction must continue to ensure the placement of Low Income Housing Tax Credits. The City and the other parties are providing replacement funding since the funds under the Grant Agreement are under review by HUD for program questions and are not being released at this time. This resolution authorizes an Agreement which amends and restates the original Funding Agreement to provide tha...
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