Title
RESOLUTION APPROVING AGREEMENT WITH THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY FOR SUBGRANT TO ALHAMBRA THEATRE IN THE AMOUNT OF $150,000
Body
CITY PROPOSAL:
WHEREAS, the Duluth Economic Development Authority (“DEDA”) works with development partners to stimulate economic growth and development within the City of Duluth; and
WHEREAS, the Duluth 1200 Fund, Inc. (“1200 Fund”) works to provide incentive loans to businesses in Duluth for expansions and relocations in an effort to create new jobs and provide for community enhancement through the powers authorized to it in the 1200 Fund’s Bylaws; and
WHEREAS, the DEDA approved a grant to the 1200 Fund of One Hundred and Fifty Thousand Dollars ($150,000) for disbursement to the Alhambra Theatre as subgrantee, pursuant to the grant agreement, Exhibit A.
RESOLVED, that the proper City officials are hereby authorized to approve a $150,000 grant agreement between the Duluth Economic Development Authority and the 1200 Fund.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution will approve the grant agreement between the Duluth Economic Development Authority and the 1200 Fund to make grant funds available for assistance in renovating and equipping the Alhambra Theatre to provide the opportunity for expansion of the art and entertainment industry in West Duluth.
The assistance requested by the Alhambra Theatre was $200,000, with $150,000 provided through a grant agreement from DEDA to the 1200 Fund and $50,000 matching funds directly from the 1200 Fund.