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RESOLUTION AUTHORIZING A FUNDING AGREEMENT WITH THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY, GRANTING $500,000 FOR THE PURPOSE OF SUPPORTING ECONOMIC DEVELOPMENT EFFORTS, INCLUDING LOANS AND GRANTS FOR PROGRAMS SUPPORTING ECONOMIC REVITALIZAITON
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CITY PROPOSAL:
RESOLVED, that proper city officials are authorized to enter into an agreement, substantially in the form of attached Exhibit A, with the Duluth Economic Development Authority ("DEDA") granting $500,000 to support economic development efforts by DEDA to make loans and grants consistent with its bylaws within the City of Duluth, payable from fund no. 110-700-1450-5447.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the proper city officials to enter into an agreement granting city funds to DEDA to support continued economic development efforts by DEDA. The funds are provided following DEDA's use of its funds to provide Covid-19 response in early 2020 through economic development partners including the Entrepreneur Fund and the Northland Foundation, which provided grants and economic support to business in the city.
Funds being provided by the city to DEDA under this agreement were initially allocated as part of the federal American Recovery Plan Act. Through a modified funding plan by the City, the funds currently being provided to DEDA will not be part of those federal funds, nor subject to the same federal reporting requirements.
The proposed funding under the agreement in the attached Exhibit A will be used for the following purposes:
1. Business marketing support through the recently adopted Business Boost Marketing Program
2. Programs providing for loans and grants as permitted under DEDA bylaws and the requirement and limitations of applicable rules and regulations
3. Support for economic expansion, job creation, and new business startups throughout the city of Duluth
Reporting on the use of funds will be provided by DEDA to the city as outlined in Exh...
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