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RESOLUTION AUTHORIZING TERMINATION AGREEMENT WITH NEW BURNHAM, LLC AND TRANSFER OF UP TO $1,164,240 TO THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY FOR ASSISTANCE TO AFFORDABLE HOUSING PROJECTS.
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CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into an agreement substantially in the form of attached Exhibit A between the City, New Burnham, LLC and the Duluth Economic Development Authority ("DEDA"), terminating City Contract No. 24268; and
RESOLVED FURTHER, that upon the execution by the City, New Burnham, LLC and DEDA of said termination agreement, and the execution by DEDA and New Burnham, LLC of an agreement in substantially the form of attached Exhibit B, the proper city officials are hereby authorized to transfer to DEDA the sum of $380,000, payable from Fund 110-700-1450-5447(General, Transfers and Other Functions, Transfers and Accruals, Payment to Other Government Agencies), to fund DEDA's obligations under Exhibit B to provide additional assistance to support additional units of affordable housing in the New Burnham Project; and
FURTHER RESOLVED, that upon the execution by DEDA and Merge LLC d/b/a Merge Urban Development Group, LLC of an agreement in substantially the form of attached Exhibit C, the proper city officials are hereby authorized to transfer to DEDA the sum of $784,240, payable from Fund 110-700-1450-5447(General, Transfers and Other Functions, Transfers and Accruals, Payment to Other Government Agencies), to fund DEDA's obligations under Exhibit C to provide additional assistance to support increased affordability for the units in the Merge Projects.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to terminate the existing Agreement between the City, DEDA and New Burnham, LLC. Additionally, it allows those funds and those allocated to Merge, LLC to be transferred to DEDA to support affordable housing.
The New Burnham and Urbane Duluth projects are both being ...
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