HomeMy WebLinkAbout[09b] Refunding Resolution
Council Agenda Item 9b
MEETING DATE: July 2, 2018
AGENDA ITEM: Administrator Report
b. Refunding Resolution
SUBMITTED BY: Administration
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
PREVIOUS COUNCIL ACTION: The Council approved a refunding resolution 2018-019 on May 7, 2018.
BACKGROUND INFORMATION: City staff has been working with the DEED on the final documents
needed to receive notice of funding for the industrial park project. The original resolution passed
included a matching requirement of $ 1,170,700. Since the time the grant has changed slightly increasing
the award amount; therefore the amount in the resolution will need to be increased as well. The City
Engineer will bring the new amount to the meeting for inclusion.
BUDGET/FISCAL IMPACT: Grant funding for the Industrial Park
ATTACHMENT/S: Resolution 2018-019A Designating Funds for BDPI Grant and Providing for
Refunding through Bond Proceeds.
REQUESTED COUNCIL ACTION: Authorize the Mayor and Administrator to execute Resolution 2018-
019A designating funds for BDPI Grant and providing for refunding through Bond Proceeds.
.
Resolution 2018-019A
Designating Funds for BDPI Grant and
Providing for refunding through Bond Proceeds
WHEREAS, the St. Joseph City Council and St. Joseph 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 $ _____________;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.
NOWTHEREFORE BE IT RESOLVED that the City of St. Joseph will designate $ ___________ (the
required match for the grant) from the available unassigned fund balance and will reimburse itself through
bond proceeds when the project is awarded.
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Adopted this 7 day of May, 2018
Rick Schultz, Mayor
ATTEST
Judy Weyrens, Administrator
\[SEAL\]