HomeMy WebLinkAbout[09a] Resolution 2018-019: Designating Funds for BDPI Grant r-�
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CITY C�� S�'. JC?SEAN
Resolution 2018-019
Designating Funds for BDPI Grant and
Providing for refunding through Bond Proceeds
WHEREAS,the St. Joseph City Council and St. Jaseph Economic Development Authority have
identified the need to create shovel ready lots for industrial development to help diversify the tax base;
and
WHEREAS,the City of St.Joseph has a disproportionate amount of tax exempt property,creating a lack
of funding to develop an industrial park without assistance; and
WHEREAS,the City of St. Joseph has submitted a grant application to MN Department of Employment
and Economic Development(DEED)for funding through the Greater MN Business Development Public
Infrastructure(BDPI)Grant Program in the amount of$ 1,170,OO;and
WHEREAS,the City of St. Joseph acknowledges that the BDPI Grant Program is a matching grant and
the City of St. Joseph is required to illustrate the available match before receiving award of the grant; and
WHEREAS,the City of St. Joseph will issue bonds equal to the project cost to be paid through
development fees and special assessments;however,the bonds will not be issued until the project has
been bid.
N4WTHEREFORE BE IT RESOLVED that the City of St.Joseph will designate$ 1,170,700(the
required match for the grant)from the available unassigned fund balance and will reimburse itself through
bond proceeds when the project is awarded.
Adopted this 7`h day of May, 2018
Rick Schultz,Mayor
ATTEST
Judy Weyrens, Administrator
[SEAL]